Telecom networks provider Nokia reported Thursday lower third-quarter earnings and said it would start a new cost-cutting scheme as it waits for demand for the new 5G systems to pick up.
The Finnish company said that its net profit for the July-September period stood at 309 million euros (USD 352 million), down from 516 million euros a year earlier. Sales were nearly flat at 5.5 billion euros.
Nokia announced a cost-cutting program aiming for annual savings of 700 million euros by the end of 2020.
It didn't provide details on the expected global job cuts.
"Our industry is one where a constant focus on costs is essential," Nokia CEO Rajeev Suri said.
"The plan we are announcing today is the logical step to take as the completion of our Alcatel-Lucent-related cost saving program draws near."
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