Nokia said on Monday that in order to cut costs, it plans to lay off 1,233 people at the French subsidiary Alcatel-Lucent.
Nokia said in April this year that it planned to cut costs by 500 million euros (about $560 million) by the end of the year, of which 350 million euros came from operating expenses and 150 million euros from sales expenses.
At present, Nokia is engaged in fierce competition with Ericsson and Huawei to compete for 5G market share, and fierce competition is putting huge pressure on Nokia to make profits.
Previously, foreign media have reported that the company is discussing with consultants to consider various strategic options such as potential asset sales and mergers, such as mergers with competitors such as Ericsson, or cooperation in certain areas.
At the close on Monday, Nokia (NYSE:NOK) closed at $4.33, with a total market value of about $24.481 billion.