Finnish company Nokia announced plans to cut up to 14,000 jobs in an effort to reduce costs after experiencing a 20% drop in third-quarter sales, primarily due to weaker demand for 5G equipment. The company’s shares fell by 2% following the news. Nokia’s CEO, Pekka Lundmark, expressed concerns about the challenging market situation, particularly the 40% decline in net sales in the North American market. Nokia aims to save between €800 million and €1.2 billion ($842 million to $1.26 billion) by 2026 and expects at least €400 million in savings in 2024. The company did not revise its full-year outlook but stressed the need for investment in faster mid-band equipment to address the growth in data traffic. Additionally, Nokia plans to protect its research and development division during the job cuts.