FILE PHOTO: Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona, Spain, February 26, 2019. REUTERS/Sergio Perez
HELSINKI (Reuters) – The Finnish telecoms equipment maker Nokia (NOKIA.HE) lowered its cost savings target to 500 million euros ($557 million) from the previous 700 million by the end of 2020 to invest more in 5G technology and digitalization, it said on Tuesday.
The company also it said it expected to cut some 180 jobs in Finland this year, excluding its 5G product development in Oulu and elsewhere in the country.
In October, Nokia cut its outlook for 2019 and 2020 to step up its investments in 5G – news that knocked a third off the value of its share price.
Reporting by Anne Kauranen and Gdansk Newsroom, editing by Louise Heavens