Reported Earlier, 'Nokia Cuts 2,000 Jobs In China, 350 In Europe As Part Of Cost Cuts, Sources Say' - Reuters News
Portfolio Pulse from Benzinga Newsdesk
Nokia is cutting 2,000 jobs in China and 350 in Europe as part of its cost-cutting measures. The company aims to save up to 1.2 billion euros by 2026. Despite a 9% rise in Q3 operating profit, Nokia's net sales missed estimates, causing a 4% drop in its share price.
October 17, 2024 | 5:47 pm
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Nokia is implementing significant job cuts in China and Europe as part of its cost-saving strategy. Despite a rise in Q3 operating profit, the company's net sales fell short of expectations, leading to a 4% decline in its share price.
Nokia's job cuts are part of a broader cost-cutting strategy aimed at saving up to 1.2 billion euros by 2026. While the company reported a 9% increase in Q3 operating profit, its net sales missed estimates, which negatively impacted its stock price. The market reacted to the missed sales estimates, resulting in a 4% drop in share price.
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