Nokia to cut 4,000 jobs in Europe | Inquirer Business

Nokia to cut 4,000 jobs in Europe

/ 06:18 PM February 08, 2012

Flags wave in front of a building of Nokia Siemens Networks in Munich, southern Germany. The company said Wednesday, Feb. 8, 2012, it will cut 4,000 jobs in Finland, Mexico and Hungary in a further move to cut costs. AP PHOTO/DAPD, UWE LEIN

HELSINKI—Nokia Corp. said Wednesday it will slash 4,000 jobs in Finland, Mexico and Hungary in a further move to cut costs as it struggles against stiff competition in the smartphone market.

The layoffs, to be completed by the end of 2012, are part of more than 7,000 global layoffs the Finnish company announced last year.

Article continues after this advertisement

Nokia said it is increasingly moving cellphone assembly from Europe to Asia where the majority of component suppliers are based, but would not close the three plants in Komaron, Hungary; Reynosa, Mexico; and Salo in Finland.

FEATURED STORIES

“These three factories are planned to focus on smartphone product customization, serving customers mainly in Europe and the Americas,” said Niklas Savander, from Nokia’s markets sector. “(They) will continue to play an important role serving our smartphone customers.”

Last month, Nokia reported that smartphone sales plummeted 23 percent globally in the fourth quarter as net revenue fell 20 percent to €10 billion ($13.11 billion) compared to a year earlier.

Article continues after this advertisement

Nokia has lost its once-dominant position in the global cellphone market, with Android phones and iPhones overtaking it in the growing smartphone segment.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Finland, layoffs, Nokia

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.