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Nokia to Cut Thousands of Jobs as Net Profit Drops 45%

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Updated Oct. 19, 2023 2:23 am ET

Nokia launched a plan to cut thousands of jobs as it seeks to save up to 1.2 billion euros ($1.26 billion) as its net profit dropped in the third quarter.

The Finnish telecommunications company posted a 45% fall in its third-quarter comparable net profit as macroeconomic challenges ramped up, weighing on customer spending.

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