Nokia to make 142 redundant

Nokia Portugal is to make up to 142 staff redundant as it redefines its cost base according to the Lusa news agency.

The company made the announcement on Wednesday when it said it would make every effort to help those affected.
On Thursday, a source at the Directorate-General of Employment and Labour Relations (DGERT) told Lusa that it would “await the setting up of a representative commission to act on behalf of the staff to be made redundant in order to schedule a first meeting.
Nokia said the redefinition of its costs base was a necessary step to adjust to a challenging macroeconomic environment and to guarantee its long-term profitability and competitiveness while continuing to be confident about future opportunities. “The most difficult company decisions are those that impact our people”, it sated.
Nokia saw its profits fall 84% to €679 million in 2023 due to the adverse macroeconomic environment.
Its EBITDA was €1.688Bn, corresponding to a fall of 27%. Net sales stood at €22.258 million, a like-for-like fall of 11%.
The Finish technology company, one of the largest manufacturers in the world of telecommunications networks on a par with China’s Huawei and Sweden’s Ericsson, posted a loss of €33 million in Q4 of 2023 compared to a profit of €3.152Bn for the same period in 2022.