Nokia lowers cost savings goal by $ 222 million to invest more in 5G

The Finnish telecommunications company also plans to cut jobs.

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The Finnish telecommunications equipment manufacturer Nokia has reduced its cost-saving objective from 700 to 500 million euros (557 million dollars) by the end of this year to increase its investments in 5G technology and digitalization, as it said on Tuesday company and pick up Reuters

The company has also announced plans to cut some 180 jobs in Finland this year, which will not affect the development of 5G products in Oulu or anywhere else in the country.

Nokia moderated its forecast last October for 2019 and 2020 in favor of investments in 5G. The news subtracted a third of the value of the company’s securities.

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