Nokia to axe up to 14,000 jobs to cut costs

Nokia is to axe between 9,000 and 14,000 jobs by the end of 2026 to cut costs. 

The announcement was made as the company reported a 20% drop in sales between July and September. 

The company blamed slowing demand for 5G equipment in markets such as North America. 

It currently has 86,000 employees around the world and has axed thousands of jobs since 2015. 

The company wants to cut costs by between 800 million euros and 1.2 billion euros by 2026. 

Its customers have been cutting spending amid high inflation and interest rates, the company said.