STOCKHOLM/HELSINKI—Nokia will cut up to 14,000 jobs to reduce costs, it said on Thursday, warning it did not expect a market recovery soon after posting a 20 percent drop in third-quarter sales on weaker demand for 5G equipment.
A slowdown in the United States, home to Verizon and AT&T, and one of the more profitable markets for Nokia and Ericsson had forced them to look for growth in other regions such as India. But now India is also expected to normalize after a stellar 2022.
