Telecoms giant Nokia has said it plans to cut up to 14,000 jobs by the end of 2026 in an attempt to reduce costs.

The Finnish technology firm said the move is part of efforts to save up to 1.2 billion euros (£1.04 billion) over the three-year period.

The announcement came as the Finnish technology firm reported that sales had slumped by a fifth over the quarter to September.

The company had hoped the recent introduction of 5G networks would boost trading but on Thursday (October 19) blamed a slowdown in demand for the technology for its sales slump.

Nokia to axe 14,000 jobs by the end of 2026

Nokia announced it planned to cut up to 14,000 jobs by the end of 2026 which would reduce its workforce from the current 86,000 to between 72,000 and 77,000.

Jobs in the UK could be at risk as Nokia has offices in Bristol, Cambridge and Reading, but it is yet to be disclosed where the staff cuts will be made.

Nokia president and chief executive Pekka Lundmark said: “The most difficult business decisions to make are the ones that impact our people.

“We have immensely talented employees at Nokia and we will support everyone that is affected by this process.

“Resetting the cost base is a necessary step to adjust to market uncertainty and to secure our long-term profitability and competitiveness.

“We remain confident about opportunities ahead of us.”