Nokia Oyj in China cut 2,000 jobs as part of a restructuring and cost-cutting plan that began in 2023, when payroll at the end of that year was about 10,400.

Like its Nordic rival Ericsson AB, Nokia has been announcing cost-cutting due to weak sales, “while telecom operators delay or reduce expensive infrastructure upgrades.”

The market is highly competitive at the moment, and in China, which represents the world’s largest 5G stage, European companies are losing out to giants such as Huawei Technologies Co and ZTE Corp. “Nokia currently accounts for less than 5 percent of the total market share for equipment in China,” according to a spokesman.

The deterioration in trade relations between the United States and China has caused deep damage to the business sector. “Chinese operators reject European equipment in the same way that the United States and some European nations have rejected Chinese technology.”

Nokia has also cut 350 jobs in Europe, in addition to reducing its presence in China through the sale of its stake in a joint venture with Huawei.

M.Pino

Source: diario.mx

(Reference image source: M. Rennim en Unsplash)

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