The new Nokia logo will be displayed on the mobile phone, with the Nokia logo on the screen.
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Nokia said on Thursday it would cut up to 14,000 jobs as part of a cost-cutting plan following a third-quarter profit decline.
The Finnish telecommunications giant said it would reduce its cost base and increase operational efficiency to “address the challenging market environment.”
The company aims to reduce its gross cost base by 800 million euros ($842.5 billion) from 2023 to 1.2 billion euros by the end of 2026.
This will reduce the number of employees from the current 86,000 to 72,000 to 77,000.
The significant layoffs come after Nokia reported a 20% year-on-year net sales decline to 4.98 billion euros in the third quarter. Profit fell by 69% to 133 million euros in the reporting period compared to the previous year.
Nokia, one of the world’s largest telecommunications equipment makers, faces headwinds from a slowing global economy and cuts in infrastructure spending by mobile operators.
Revenue from Nokia’s largest division, its mobile network business, fell 24% year-on-year to 2.16 billion euros, with the division’s operating profit plunging 64% year-on-year.
Nokia said this was primarily due to declines in North America. The company also described sales volumes in India as “moderate” as 5G deployment “normalizes.”
5G is the next generation of mobile internet that promises faster speeds.