Nokia To Cut Up To 10,000 Jobs Over Next Two Years (reuters.com) 19
Nokia on Tuesday announced plans to cut up to 10,000 jobs within two years to trim costs and invest more in research capabilities. Reuters reports: After taking over the top job last year, Chief Executive Pekka Lundmark has been making changes to recover from product missteps under the company's previous management that hurt its 5G ambitions and dragged on its shares. He announced a new strategy in October, under which Nokia will have four business groups and said the company would "do whatever it takes" to take the lead in 5G, as it banks on also capturing share from Huawei.
Lundmark is expected to present his long-term strategy, discuss action plans and set financial targets during the company's capital markets day on Thursday. The company said in a statement it expects about 600 million euros ($715 million) to 700 million euros of restructuring and associated charges by 2023. It expects the current restructuring to lower its cost base by about 600 million euros by the end of 2023. Half of the savings are expected to be realized in 2021. Nokia currently has 90,000 employees, and has cut thousands of jobs following its acquisition of Alcatel-Lucent in 2016.
Lundmark is expected to present his long-term strategy, discuss action plans and set financial targets during the company's capital markets day on Thursday. The company said in a statement it expects about 600 million euros ($715 million) to 700 million euros of restructuring and associated charges by 2023. It expects the current restructuring to lower its cost base by about 600 million euros by the end of 2023. Half of the savings are expected to be realized in 2021. Nokia currently has 90,000 employees, and has cut thousands of jobs following its acquisition of Alcatel-Lucent in 2016.
Re: (Score:2)
Never seen someone so proud to be so ignorant. Have you been living under a rock since 2013? That's when Nokia ceased making consumer toys.
Re: (Score:3)
Nope. Nokia doesn't do that. HDM does that. Different company entirely. They just licence the Nokia name. HMD bought the licence off Microsoft.
Re: (Score:2)
Whatever it takes to take the lead in 5G (Score:1)
Re:Whatever it takes to take the lead in 5G (Score:5, Insightful)
Apparently, what it takes is slashing jobs.
One can argue about the future of the planet in many ways all day long. Bitch about cause and effect, environmental change, morals and ethics, and point fingers until the cow farts stink up the home.
But there is one thing that is damn near certain, If you're going to compete in the future, it will involve automation. Which means getting rid of most of those annoying expensive humans who are always bitching and moaning about work/life balance, days off, vacations, and this thing called "family".
It hardly takes The Matrix to turn a human into an expendable object. All it will take, is the same thing that will likely end our species.
Greed.
Re: (Score:2)
We are 300 years into the industrial revolution. Living standards have risen twenty-fold in countries that implemented automation and barely at all in countries that have not.
So your theory that automation causes humans to be poor and expendable is the exact opposite of reality.
So how can educated people, living better than ever before in history, using technology their ancestors never dreamt of, be so astoundingly ignorant of the obvious economic reality that is happening all around them?
Look, if a job i
Re: (Score:2)
We are 300 years into the industrial revolution. Living standards have risen twenty-fold in countries that implemented automation and barely at all in countries that have not.
So your theory that automation causes humans to be poor and expendable is the exact opposite of reality.
Thank you for confirming how human ignorance, remains unchanged. Pull your head out of the 20th Century. Nothing in our past resembles future automation that will replace and eradicate human employment. This next revolution, will be unlike any other.
So how can educated people, living better than ever before in history, using technology their ancestors never dreamt of, be so astoundingly ignorant of the obvious economic reality that is happening all around them?
And the end result of the most educated generation in human history? A fucking gig economy. Says a lot as to how much modern "education" is working out, along with the growing problem of too many humans needing jobs. The answer of "just go get an education
Re: (Score:3)
Nothing in our past resembles future automation that will replace and eradicate human employment.
Because we now have super-human general-purpose AI?
Guess what? We don't. And we have absolutely no idea how to create it.
This next revolution, will be unlike any other.
People have been saying that for 300 years. The only thing that is different about the current wave of automation is that it is happening much slower than in the past. Productivity growth (a good proxy for automation) has stagnated.
A fucking gig economy.
The gig economy is entirely based on services, where automation has had the least effect.
The human population is growing, not shrinking.
The population is declining in many countries. The global populat
Re: (Score:2)
Nothing in our past resembles future automation that will replace and eradicate human employment.
Because we now have super-human general-purpose AI?
Guess what? We don't. And we have absolutely no idea how to create it.
I love how people simply assume it's going to take some super-genius level AI system to replace human workers when mere automation can do that today. Most jobs are quite mundane. Even skilled jobs (like x-ray technician or paralegal) are being done with systems that aren't even close yet, and yet they're already driving humans out of their jobs. We will not need super AI to decimate human employment. And we will only need a 20% impact on that, to start causing massive stress on the rest of the working e
I thought they would cut them all (Score:1)
Both of them.
CEO and Three Envelopes (Score:1)
A fellow had just been hired as the new CEO of a large corporation. The CEO who was stepping down met with him privately and presented him with three numbered envelopes. "Open these if you run up against a problem you don't think you can solve," he said.
Things went along pretty smoothly, but six months later, sales took a downturn and he was really catching a lot of heat. About at his wit's end, he remembered the envelopes. He went to his drawer and took out the first envelope. The message read, "Blame your predecessor."
The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the press -- and Wall Street - responded positively, sales began to pick up and the problem was soon behind him.
About a year later, the company was again experiencing a slight dip in sales, combined with serious product problems. Having learned from his previous experience, the CEO quickly opened the second envelope. The message read, "Reorganize." This he did, and the company quickly rebounded.
After several consecutive profitable quarters, the company once again fell on difficult times. The CEO went to his office, closed the door and opened the third envelope.
The message said, "Prepare three envelopes."
Nokia really is going for efficiency here. They opened envelopes #1 + #2 at the same time!
Wait.. what??? 10k people still work for Nokia?? (Score:2)
Re:Wait.. what??? 10k people still work for Nokia? (Score:4, Informative)
What were those people hired for? (Score:2, Interesting)
Still suffering from involvement with Microsoft (Score:1)
Nokia was effectively gutted by that.