Nokia to cut up to 14,000 jobs after sales drop a fifth

FILE PHOTO: A screen displays the company logo for Nokia Corporation on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 24, 2023. REUTERS/Brendan McDermid/File Photo

STOCKHOLM (Reuters) -Finnish telecom gear group Nokia said on Thursday it would cut up to 14,000 jobs in a new cost reduction effort after third-quarter sales fell by a fifth, taken down by sales of next-generation 5G equipment.

Nokia and rival Ericsson have grappled with slowing demand for 5G equipment in countries such as the United States, trying to offset some of the weakness with higher sales to India, a low-margin market.