Nokia set to axe 170 jobs in a bid to save on costs

NokiaFinnish multinational communications company Nokia has announced that it will be cutting 170 jobs, after talks surrounding the jobs began back in May.

Nokia was originally preparing to axe 200 jobs from network operations and support functions but settled for the slightly lower number, Reuters reports. The reductions are part of a €1.2bn (£1.1bn) global cost-savings plan.

Nokia currently employs 6,100 people in Finland and 101,000 around the world. Last year, the company cut 960 jobs in its home of Finland and said it had plans to cut 1,400 jobs in Germany.

The job cuts related to Nokia really began when Microsoft sold the brand for $350m to FIH Mobile, which is a subsidiary of Hon Hai/Foxconn Technology Group. The sale would see Microsoft announce plans to clear house by getting rid of 1,850 jobs in May 2016 before finally doing so a few months later.

Since then, Nokia has sold its brand licensing rights to HMD Global, which has introduced a whole host of new Nokia devices – even releasing a revamped version of the classic Nokia 3310.