By Dominic ChoppingNokia plans to cut thousands of jobs as it seeks to save up to 1.2 billion euros ($1.26 billion) amid a sharp downturn in spending by telecom operators. The company backed its sales and comparable operating margin targets but said it is now tracking toward the lower end of the sales range and toward the midpoint of the operating margin range. Nokia targets full-year sales of between EUR23.2 billion and EUR24.6 billion and an operating margin of 11.5% to 13.0%. The company posted a 45% fall in its third-quarter comparable net profit to EUR304 million as sales fell 20% to EUR4.98 billion. Analysts polled by FactSet had expected comparable net profit of EUR399 million on sales of EUR5.67 billion.

Source: Wall Street Journal October 19, 2023 14:38 UTC