BHP Port Hedland Workers Back Strike Action Amid Pay Dispute 
Alibaba Offers $1.5 Billion to Acquire Grocery Delivery Platform Pupu 
Meta Partners With Reliance to Launch First AI-Powered Data Center in India 
Trump Administration Defends Anthropic AI Restrictions in Ongoing Federal Lawsuit 
Wizz Air Beats Profit Forecast as Cost Controls Offset Industry Challenges 
OpenAI Eyes Massive 10GW Ohio Data Center Campus in Potential $500 Billion AI Infrastructure Deal 
GM and Peak Energy Partner to Advance Sodium-Ion Battery Technology for Grid Storage 
SpaceX IPO Sets Record With $75 Billion Raise, Valuation Hits $1.77 Trillion 
SpaceX IPO Set for Explosive Debut as Valuation Tops $2.2 Trillion 
Hanmi Semicon Shares Surge After $33 Million SpaceX Investment 
Roku Explores Sale Options as Interest Grows in Streaming and Ad Business 
Asics Considers Onitsuka Tiger Spinoff as Luxury Sneaker Brand Expands Globally 
Coupang Hit With Record $409 Million Fine Over Data Breach Affecting 33 Million Users 
SK Hynix Stock Rebounds as AI Memory Chip Demand Fuels Expansion Plans 
Sigma Healthcare Shares Slide Amid Preliminary Boots Acquisition Talks 
Adobe Beats Q2 2026 Estimates, Raises Full-Year Outlook as AI Revenue Surges Despite Stock Drop 
Oracle Stock Falls Despite Earnings Beat as Company Plans $40 Billion Financing for FY2027 
Nokia, the Finnish telecom company, announced on Tuesday, March 16, that it is planning to slash its workforce. For this, at least 10,000 jobs would be affected, and the layoffs will happen in the next two years.
The cause of the impending layoffs
Reuters reported that Nokia made this decision as part of its restructuring plan. The company would like to direct more funds to its research capabilities. This means it is reducing the number of employees to cut costs and invest the money for the company’s restructuring instead.
When Pekka Lundmark was appointed to be the company’s chief executive officer last year, he has been slowly making changes in an effort to make the company better and turn it into something that will give its rival, Ericsson, good competition.
To achieve the company’s goal, Lundmark unveiled strategies that include a move for Nokia to have four business groups. Each one was instructed to do everything to take the lead in the 5G race.
“Decisions that may have a potential impact on our employees are never taken lightly,” the Nokia chief said in a statement. “My priority is to ensure that everyone impacted is supported through this process.”
Nokia’s investment plans for 5G
As per Barrons, with Nokia’s decision to lay off 10,000 employees from today until 2023, it will be able to gain €600 million in savings. Moreover, this fund from the cost-cutting program will be transferred for investment to boost the firm’s 5G technology.
Nokia further stated that the savings from the job cuts would allow them to grow the company as it expands its research and development for long-term results. Apart from 5G, it will be focusing on digital infrastructure and cloud technologies to keep up with other tech firms.
Meanwhile, Nokia is also aiming to win contracts in China. It has been gaining customers again, but its rival Ericsson is gaining more, and it is said to be due to the fact that it won a 5G radio contacts in China. This is one reason why the company wants to get into and improve its 5G technology.
