Is it time to cut up all those employee credit cards?
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Nokia expects it will not meet full-year financial targets
"Nokia, which reported a 20% fall in third-quarter sales, said it may not achieve full-year 2023 targets in regard to net sales, comparable operating margin, and free cash flow."
https://www.reuters.com/business/media-telecom/nokia-expects-it-will-not-meet-full-year-financial-targets-2023-12-29/
Savings by Business Group (Basically, this translates to the amount of employee cuts between 2024 to 2026)
• Mobile Networks ~60% * 9K to 14K = 5400 to 8400
• Cloud and Networks Services ~30% * 9K to 14K = 2700 to 4200
• Network Infrastructure ~10% * 9K to 14K = 900 to 1400
Note: 9K to 14K is the amount the company announced
The 60%, 30%, 10% comes from "Nokia Progress Update December 2023" page 35
All the information is public and online. You just need to know how to find it.
https://www.nokia.com/sites/default/files/2023-12/nokia-progress-update-12-december-2023.pdf
Looking at the 2023 quarterly earning reports for the past 9 months (Jan to Sept), the company spent 1.8 Billion Euros. Wonder where all that money went?