But due to the global economic slowdown, both Nokia and Ericsson have reported a slowdown in investment by mobile network operators this year.
Like many tech companies, Nokia’s profitability got a boost during the COVID-19 pandemic, but now it has been forced to cut jobs due to the downturn in the industry.
Nokia’s announcement comes after thousands of jobs were cut in the tech sector this year.
British telecoms group BT said in May it would eliminate 55,000 jobs by the end of the decade.
Tech giants Meta and Microsoft have revealed plans to cut more than 10,000 employees from their workforce this year.
In January, online retail giant Amazon announced it was cutting more than 18,000 jobs worldwide and Google’s parent company Alphabet announced cuts of about 12,000 people.