Nokia to cut up to 10,000 jobs to ramp up R&D in 5G race

HELSINKI (AP) — Wireless network maker Nokia says it is planning to cut up to 10,000 jobs, or over 10% of its staff. The cuts are meant to reduce costs as it invests in research and development and tries to cement its role as a key supplier of 5G technology. The restructuring means the number of staff is expected to fall to 80,000-85,000 employees over a period of up to two years. Nokia said on Tuesday that it should reduce costs by 600 million ($715 million) by 2023. The Finnish company didn’t specify countries or geographical areas affected by the measure but said the cuts would be carried out across its main four business units.