Nokia might be a leader in the 5G networking business, with 63 closed deals, but its latest financial report requires more jobs to be cut. Nokia announced that 180 jobs will be terminated in its homeland, starting from the next week. Job reductions will not be limited to Finland only, and Nokians around the world can expect some job reductions.
The Finnish networking giant has been transforming itself since the historical sales of the D&S department, and the process is still ongoing. The plan from 2018 was to lower the costs by $779 million, but after the latest financial report, that goal has been reduced to $556 million. The Finns did hire people in Finland during 2019, but the savings program which is needed to keep the company running for a longer time is ruthless. Nokia did say that the staff will be offered full support from the company during the change process.
It ain’t easy to lose your job, but Nokia did its best to make the process painless, especially by offering generous severances. A lot of people started new carriers after they left Nokia, and some are very successful even today. Take Jolla for example. If some new company founded by ex-Nokians arises, we’ll be happy to support it.