Nokia to cut up to 10,000 jobs over next 2 years

The Nokia logo is seen on a smartphone in front of a displayed stock graph in this illustration taken February 5, 2021. REUTERS/Dado Ruvic/Illustration

STOCKHOLM (Reuters) - Nokia on Tuesday announced plans to cut up to 10,000 jobs within two years to trim costs and invest more in research capabilities, as the Finnish telecoms group seeks to step up its challenge to Sweden's Ericsson and China's Huawei.

After taking over the top job last year, Chief Executive Pekka Lundmark has been making changes to recover from product missteps under the company's previous management that hurt its 5G ambitions and dragged on its shares.