Economy Nokia slashes 14,000 Jobs as a major cost cutting XMAS present

[Rhood]

Nokia will slash up to 14,000 jobs in a major cost-cutting drive to address a “weaker” market environment, it said in a statement on Thursday.
The telecom equipment maker said it’s looking to reduce its workforce to between 72,000 and 77,000 workers, from 86,000 now, by the end of 2026.
https://www.cnn.com/2023/10/19/tech/nokia-layoffs-cost-cutting-intl-hnk/index.html

 

[blaseblase]

I didn't realize they still existed.

 

[Staph infection]

I didn't realize they still existed.

I seconded this, I thought they were only around in spirit as a Meme for their indestructible phones from the early 2000's

 

[ferrisjso]

This is why people should not be dependent on capitalism for money.

 

[shinkyoku]

Nokia has not been in the phone business for several years. Although they sold the right to nokia brand phones first to microsoft and then some minor corporation when microsoft canceled their mobile phone plans- so there are Nokia phones not actually built by Nokia.

Nokia today is mainly in telecom equipment/national scale Network infrastructure and is one of the top 5 players in the field. competing with cisco and Huawei. When huawei was banned in the US, Nokia was one of the players that took over building 5G in the US.

 

[moosaev]

Looks like the Fed is gonna finally get what they want, a brutal recession in 2024.

 

[Eric O]

Looks like the Fed is gonna finally get what they want, a brutal recession in 2024.

That's been the goal of our current admin and the fed since 2020. Every economic decision/policy supports recession as an end goal. This one will be a little different too. It's planned.

 

[moosaev]

That's been the goal of our current admin and the fed since 2020. Every economic decision/policy supports recession as an end goal. This one will be a little different too. It's planned.

I believe it, they seem determined to tank the economy, regardless of which direction the data is pointing.

 

[BIKES!]

This is why people should not be dependent on capitalism for money.

Because companies should pay their people during periods of failure until insolvency and financial ruin, rather than make necessary cuts required to persist while they work on products or services that do in fact work and return profit?

 

[ferrisjso]

Because companies should pay their people during periods of failure until insolvency and financial ruin, rather than make necessary cuts required to persist while they work on products or services that do in fact work and return profit?

No the point is everyone should get UBI and that corporations and profit are a cancer that shouldn't exist.

 

[Cherry Brigand]

This is why people should not be dependent on capitalism for money.

They should be dependent on a spirit of philanthropy and good will towards man utopia that doesn't exist like you've suggested before?

 

[ColemanwastheGOAT]

This is why people should not be dependent on capitalism for money.

No this is why you shouldn't be an employee. Start your own business.

 

[BIKES!]

No the point is everyone should get UBI and that corporations and profit are a cancer that shouldn't exist.

So who is going to work to support every business required to feed, clothes, provide technology, water, electricity, safety, and upkeep for every American?

 

[SandisLL]

They should be dependent on a spirit of philanthropy and good will towards man utopia that doesn't exist like you've suggested before?

About what?
Indestructible phones were made in Germany and Finland. Accumulators for them usually had cells made in Japan.

Then they had damn good reputation cos long lasting accumulators and durable high quality plastic etc + excellent assembly quality.

Later they initially relocated mobile phones manufacturing to low salaries countries ...

Then after this next step was to sell mobile phones industry.

And this stuff was really good when had been manufactured in Germany and Finland.

 

[ferrisjso]

No this is why you shouldn't be an employee. Start your own business.

2 wrongs don't make a right. Our country will never change until we stop pretending starting a business is a positive thing that helps people.

Not everyone can be an oppressor. The idea that just telling the oppressed they have the chance to be the oppressor is not going to work for most people.

 

[ferrisjso]

So who is going to work to support every business required to feed, clothes, provide technology, water, electricity, safety, and upkeep for every American?

Businesses aren't required services are that aren't shackled by the desire to make a profit and can pay whatever they need to incentivize people to fill those functions. A profit making business is trying to spend as little money as possible and provide as little service as possible as cheap as possible.

I will admit Nokia is not the best example for explaining how companies plan to make their own products obsolete but generally speaking that dynamic is present too.

 

[Madmick]

In less than half a dozen posts Sherdog traversed:

European-headquarted private company's revenue craters due largely to 5G infrastructure demand waning as the telecom market reaches cost/effective saturation for 5G coverage --> Company lays off ~5% of its workforce to compensate --> US Government (technically not, but the Federal Reserve) is deliberately sabotaging its own economy to create a brutal recession for _________ [reason unspecified]

Never change, Sherdog.

 

[SandisLL]

I'm too not obsessed with philantropy.
When they had started to sell lesser durable phones and attempted still to keep high price I just opted to pick other brand and all had been done.

Nokia isn't American brand...
Motorola is and they had manufactured also chips in U.S and radio stations & stuff for military etc.

Sagem was french stuff.
Sony Ericsson European - japanesse stuff.

BTW Nokia isn't American brand.
Motorola is....and they had earlier was

 

[Eric O]

I believe it, they seem determined to tank the economy, regardless of which direction the data is pointing.

The numbers are propped up by inflation (which in itself is calculated in a way that skews our perception and masks what is really happening).

 

[SandisLL]

Main advantage for 5G is fast internet.
Cons: you need more base stations in order to cover certain area than for 4G....

Ppl using mobile internet often aren't using a lot of traffic.
Operators usually are charging for ammount of spent data ...or at least does have some limitations.
Mobile phones accumulators does have their limits....

Internet connections via optic cables are more and more awailable and here usually tariff is calculated on monthly basis and contracted connection technical parameters....

So yeah, 5 G is like next failed metauniverse project for some other company...