"Nokia" on the brink of bankruptcy: to lay off 14,000 employees

"Nokia" a producer of 5G and telecommunications equipment, as well as smartphones, plans to lay off up to 14,000 people by 2026.

The "Nokia" company may face bankruptcy due to a decrease in demand for 5G equipment and a slowdown in the telecommunications sector.

The Nokia mobile company, located in Finland, intends to cut between 9,000 and 14,000 jobs amid declining sales and reduced demand for 5G equipment. These layoffs could potentially affect up to 16% of the company's current global workforce of 86,000.

The company aims to reduce overall expenses by 1.2 billion euros by 2026.

In the third quarter, the company achieved an operating profit of 424 million euros, indicating a 36% decrease compared to the same period last year.