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Brief: Nokia to slash 1,800 jobs in networking division
April 10, 2003 12:00 PM ET
Reprinted with permission from
IDG.net
Story copyright 2009 International Data Group. All rights reserved.
IDG News Service -
Pressure to reduce costs and return to profitability during the current economic downturn has forced Nokia Corp. to slash 1,800 jobs in its network infrastructure division, the cell phone equipment manufacturer said in a statement today.
The division, which manufactures cell phone infrastructure equipment such as base stations and mobile switching centers, posted a substantial first-quarter loss this year, Espoo, Finland-based Nokia said.
Many of Nokia's mobile operator customers have cut investments in new equipment in order to reduce their heavy debt loads after sinking billions of euros into pricey third-generation licenses.
Of the 1,800 planned job cuts, about 1,100 will be in Finland, according to Nokia. That's a blow to a company that has created thousands of new jobs in that country's high-tech sector.
Additionally, Nokia will review the costs, scope and number of programs in its research-and-development activities in the network division, with the aim of reducing the number of product lines to adjust to the current market situation.
Reprinted with permission from
IDG.netStory copyright 2009 International Data Group. All rights reserved.
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