Nokia will cut 353 jobs in Finland as part of the company’s cost cutting efforts. Not surprisingly, the job cuts will be in the company’s networking and technology units.
Reuters first reported the job cuts, noting that this latest figure is lower than the original plan, which called for 425 job cuts. The majority of the job cuts (283 employees) will come from the networks business, which has been struggling.
Nokia reported in the fourth quarter that total revenues had dipped 1 percent to $8.3 billion compared to the same quarter in 2016. But third quarter 2017 was a particularly tough one for the manufacturer. During the third quarter the company’s revenues dropped 7 percent year-over-year to $6.4 billion, and its networks unit, which is the largest business unit, was down 9 percent year-over-year.
Nokia currently employs 6,300 people in Finland counts around 102,800 employees globally.
Of course, Nokia isn’t the only equipment maker feeling pressure. Ericsson has been hit particularly hard by competitive pressures and declining margins. During its fourth quarter 2017 earnings call in January, Ericsson said that it had cut 10,000 jobs in the quarter and had reduced its headcount by 17,000 for the entire year.