Nokia did not disclose the number of employees in its quarterly financial statements. Last year, the company managed to hide the reason for the reduction in labor costs by 500 million euros. However, from the latest annual report released by Nokia, it became known that the company cut almost 5,000 employees in 2019. An additional 6,000 workers were laid off in 2020.

The report shows that the company cut 11,044 employees in two years. As a result, the total number of Nokia employees in 2020 was 92,039 people.

Nokia did not mention the layoffs in the report. Instead, the company gave a rather vague wording: "In recent years, as we adjusted our strategy in accordance with business goals and areas of activity, the number of our employees has fluctuated." Among other things, it is worrying that Nokia's latest savings plan has led to significant cuts in research and development costs. After about 4.5 billion euros were invested in this direction, the budget was cut by 450 million euros last year.

Rumors are that Nokia can pull our of 5G market due to having non competitive offers.