Nokia shares drop 4.5% after reports reveal plans to cut jobs and close facilities in mainland China by year-end.
Nokia is preparing to significantly reduce its operations in mainland China, including staged workforce cuts and site closures by the end of the year. The move reflects the company’s strategic shift amid intensifying competition and geopolitical tensions in the region.
Shares of Nokia fell 4.5% on Tuesday following the reports. The company has not disclosed specific numbers, but prior restructuring efforts in other markets suggest thousands of jobs could be affected. Nokia’s China operations have faced pressure from local rivals and shifting demand dynamics.
The announcement comes as global telecom equipment makers navigate regulatory challenges and supply chain disruptions in key markets.