Nokia plans to cut 350 jobs in its home country of Finland as it works towards a goal of $800 million in savings by 2020.
Nokia has about 6,000 employees in Finland, according to a story from Reuters. After a quarterly drop in revenue, Nokia announced in October that job cuts would be forthcoming, but didn't provide any additional details at the time.
"The planned changes are indispensable to secure Nokia's long-term competitiveness," Tommi Uitto, head of the company's Finnish operations, said in a prepared statement, according to Reuters.
While Nokia, Ericsson and Huawei have been impacted by the slowdown in the purchasing of 4G related gear, Huawei's ongoing security concerns in the U.S. and other countries could give a lift to the bottom lines of both Nokia and Ericsson.
Related: Nokia CEO: ‘We’re looking very good in 5G’
Nokia is also banking on the rollout of 5G services in some areas this year to boost its bottom line.
“The initial development of our 5G business has been strong and we will increase our investments into this critical technology,” Uitto said.