Nokia is planning to slash another 200 jobs in its home country of Finland as part of cost-cutting measures meant to help the company battle weak demand for its network equipment, the company confirmed Thursday.
“In order to succeed in this market environment we must continue to streamline our cost structure and increasing efficiency,” Nokia’s Finland head Tommi Uitto said in a statement provided to Reuters.
The cuts come on the heels of a first quarter report from Nokia in which revenues continued to drop. On an IFRS basis, Nokia posted 5.4 billion euros in revenue, down 2 percent year over year and 19 percent sequentially. Figures from Nokia’s Networks business were also down 6 percent year over year and 19 percent sequentially to 4.9 billion euros. Ditto the company’s Ultra Broadband Networks and IP Networks and Applications segments, which dipped to 3.6 billion and 1.3 billion in net sales, respectively.
This year’s job reductions come on top of a series of cuts last year. Back in April 2016, reports surfaced indicating Nokia was planning to cut 1,300 jobs from its offices across Finland, 400 positions in France, and 1,400 jobs in Germany. The timeline for those cuts was scheduled to take place between 2016 and 2018, the company indicated.
The New York Times on Thursday reported Nokia last year eliminated 960 of those 1,300 jobs in its home country.