Nokia to Cut Thousands of Jobs as Telecom Operators Pare Back Spending

Nokia plans to cut thousands of jobs as it seeks to save up to 1.2 billion euros ($1.26 billion) amid a sharp downturn in spending by telecom operators.

The Finnish telecommunications company said it could cut as much as 16% of its workforce, with demand weakening in its network-infrastructure and mobile-networks businesses as customers face a tough macroeconomic environment beset by high inflation and rising interest rates. Operators are also working through stockpiles of inventory that were ordered during previous periods of tight-supply.