Nokia to cut up to 10,000 jobs over next two years

Finnish telecoms group Nokia said on Tuesday it plans to cut between 5,000 and 10,000 jobs within the next two years to trim costs and invest more in research capabilities.

The company said in a statement it expects about 600 million euros ($715 million) to 700 million euros of restructuring and associated charges by 2023.

Nokia expects the restructuring to lower the its cost base by about 600 million euros by the end of 2023. Half of the savings are expected to be realised in 2021.

These savings will offset increased investments in research and development and future capabilities and costs related to salary inflation, the company said.

($1 = 0.8389 euros)

This article originally appeared on Reuters.