| ||
| ||
| ||
 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Nokia to cut 1,800 jobs
HELSINKI, Finland (CNN) -- Nokia, the world's biggest mobile phone maker, plans to cut 1,800 jobs at its struggling wireless infrastructure business. The company, based in Espoo, Finland, which issued six sales warnings last year, said on Thursday most of the jobs would go at its research and development, sales and marketing and other departments in Finland. "Nokia Networks... is taking strong measures to reduce costs and improve profitability," said a statement. The company warned that there would be "a substantial loss for the first quarter of 2003." The figures are due out next week. Last month, Nokia said network sales were expected to decline by 15 percent to 20 percent this year. Nokia, like rivals Ericsson of Sweden Siemens of Germany, has struggled over the past two years with falling demand for wireless equipment as cash-strapped telecom operators rein in spending on upgrading networks after years of runaway growth. The company, which has 40 percent of the global market for handsets, has slashed jobs, closed plants and reduced spending to counter a decline in revenue and sluggish growth worldwide. Nokia's stock fell 4.2 percent to 13.66 euros in early trading on Thursday morning, while Ericsson slid 2.4 percent to 6.00 Swedish crowns. Reuters contributed to this report.
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
