Finnish electronics manufacturer Nokia announced that it has made large-scale staff reductions in the third quarter of 2023, as its net profit decreased more than three times compared to the same period last year. This has been reported Press release companies.
Nokia reported that the company’s net profit for the July-September period was 133 million euros, compared to 428 million euros in the previous year. Revenue fell 20% from €6.241 billion to €4.982 billion. Analysts gave a much higher consensus estimate of €395 million in net profit and €5.66 billion in revenue.
All divisions of Nokia involved in the production of telecom equipment recorded a decrease in revenue. Operating margin fell 200 basis points. Despite this, the company confirmed its previous revenue forecast for 2023. However, Nokia also announced that it plans to increase the number of personnel to 14 thousand people within the scope of its cost reduction program. The company currently has 86 thousand employees.
In the USA at the end of August was recorded Maximum number of layoffs since 2020
Previously American space company Astra lay off Since the beginning of the quarter, 25% of employees have transferred 50 engineers and production staff to other departments due to financial problems.