Nokia has announced plans to lay off 2,000 employees in China, which amounts to about 20% of its workforce in the country as part of a cost-cutting initiative.
According to reports, the company also plans to cut an additional 350 jobs across Europe. The layoffs are part of Nokia’s plan to cut up to 14,000 jobs by 2026, as reported by Incognito blog last year.
The report further mentions that this cost-cutting strategy will save the company between $868 million USD and $1.3 billion USD by 2026.
