{"id":74364,"date":"2023-10-19T07:50:25","date_gmt":"2023-10-19T11:50:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/nokia-has-plan-to-tackle-tough-u-s-market-it-includes-mass-layoffs\/"},"modified":"2023-10-19T07:50:28","modified_gmt":"2023-10-19T11:50:28","slug":"nokia-has-plan-to-tackle-tough-u-s-market-it-includes-mass-layoffs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74364","title":{"rendered":"Nokia Has Plan to Tackle Tough U.S. Market. It Includes Mass Layoffs."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000773916\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Drastic times can sometimes call for drastic measures.\u00a0<\/p>\n<p>\n        Nokia<br \/>\n       (ticker: NOK) announced plans to cut up to 14,000 jobs as part of a cost-saving initiative after profit tumbled 69% in the third quarter.<\/p>\n<div class=\"paywall\">\n<p>The Finnish telecom equipment maker said its plan will address the \u201cchallenging market environment.\u201d It\u2019s still early in the day but the cost-cutting measures may spare the stock from a similar fate to its rival<br \/>\n        Ericsson<br \/>\n       (ERIC). The Swedish telecom giant\u2019s shares tumbled 6% Tuesday after it said tough market conditions would persist into 2024.<\/p>\n<p>\n        Nokia<br \/>\n       stock was around 2% lower in early European trading, while its American depositary receipts fell 0.8%.<\/p>\n<p>North America remains a problem area for both<br \/>\n        Nokia<br \/>\n       and<br \/>\n        Ericsson<span>.<\/span><br \/>\n       The companies warned that U.S. customers are cutting back on spending, which helped put pressure on<br \/>\n        AT&amp;T<br \/>\n       (T),<br \/>\n        T-Mobile<br \/>\n       (TMUS) and<br \/>\n        Verizon<br \/>\n       (VZ) stocks.<\/p>\n<p>\n        AT&amp;T<br \/>\n      \u2018s earnings later Thursday will provide further insight into the issues facing the sector.<\/p>\n<p>\n        Nokia<span>\u2019s<\/span><br \/>\n       North America sales fell 45% year over year in the quarter, the worst decline of all its regions. \u201cThe strong decline in North America reflected weakness in both Mobile Networks and Network Infrastructure as customers continued to evaluate their spending and digest inventories,\u201d the company said in a statement.<\/p>\n<p>The layoffs, of between 9,000 and 14,000 employees, represent 10.5% to 16% of the company\u2019s global workforce.<\/p>\n<p>\u201cWhile the timing of the market recovery is uncertain, we are not standing still but taking decisive action on three levels: strategic, operational and cost,\u201d CEO Pekka Lundmark said Thursday.<\/p>\n<p>Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/nokia-stock-earnings-ericsson-784158c7?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Drastic times can sometimes call for drastic measures.\u00a0 Nokia (ticker: NOK) announced plans to cut up to 14,000 jobs as part of a cost-saving initiative after profit tumbled 69% in the third quarter. The Finnish telecom equipment maker said its plan will address the \u201cchallenging market environment.\u201d It\u2019s still early in the day but the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":74365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-74364","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nokia Has Plan to Tackle Tough U.S. Market. 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