Nokia's third-quarter operating profit of 424 million euros is lower than expected and will cut as many as 14000 jobs.

CTOnews.com October 19 news, Nokia October 19 announced third quarter results, third quarter net sales of 4.98 billion euros, down 20% year-on-year. Estimated € 5.7 billion; third-quarter adjusted operating profit € 424 million, estimated € 556.4 million; adjusted gross margin 39.2%, estimated 38.9%.

Nokia also announced a revised operating strategy, aiming to reduce its total cost base by € 800 million to € 1.2 billion by the end of 2026 compared to 2023, which means a 10 - 15 percent reduction in staffing costs. Nokia currently employs 86000 people, and the plan is expected to reduce Nokia's workforce to 72,000 - 77,000, cutting up to 14000 jobs.

CTOnews.com notes that Kia still expects full-year net sales of between EUR 23.2 billion and EUR 24.6 billion for 2023, with full-year adjusted operating margins of 11.5 -13%.