Finnish telecoms giant Nokia says a big cost-cutting program unveiled today will save it €700m ($799m) by the end of 2020 and result in substantial job cuts.
Alongside the cost reductions, Nokia is stepping up efforts in 5G mobile radio products and creating a new Enterprise business unit to bring together fast-growing activities under current chief strategy officer Kathrin Buvac.
“Our early progress in 5G is extremely strong, we continue to increase our investment in this critical technology, and our win rate for new deals suggests that we are in a very good competitive position,” Rajeev Suri, president and CEO, said in a statement.
Reporting a 27 percent drop in profits in its latest quarterly period ending September 30, from €668m a year ago to €487m in line with expectations, Nokia said cost savings will come from areas including significantly reduced central support functions, cross-company activities, R&D in legacy products, and real estate.
According to Nokia, these planned changes are expected to result in a net reduction of employees globally.
“Even if these actions are right for our business, we do not take them lightly given the expected impact on our employees,” Suri said.
SEE: IT pro’s guide to the evolution and impact of 5G technology (free PDF)
The company has already been cutting costs resulting from its 2016 €15.6bn merger with French networking giant Alcatel-Lucent. Cost reductions from that deal are due to amount to €1.2bn and be completed this year.
“With the successful Alcatel-Lucent integration and cost-saving program soon to be behind us, we are taking steps to accelerate the execution of our strategy and sharpen our customer focus,” Suri said.
Nokia’s third-quarter net sales came in at €5.5bn ($6.27bn), slightly above expectations.
More than half of Nokia’s profits still come from its patent holdings, a legacy of the company’s mobile-phone past. In that context, Nokia also today announced that its patent license deal with Samsung is being extended.
Previous and related coverage
Nokia secures €500m loan for 5G R&D, demos Massive MIMO 5G with Sprint
Nokia has demonstrated 5G Massive MIMO technology with Sprint in the US, with the networking giant also securing €500 million in funding from the European Investment Bank to accelerate its 5G R&D.
Nokia reports €613m loss after Alcatel-Lucent acquisition
The Finnish company has recorded a €613 million quarterly loss, though net cash was up by 76 percent off the back of Nokia’s Alcatel-Lucent acquisition.
Alcatel-Lucent to merge with Nokia for €15.6 billion
Finnish and French networking giants Nokia and Alcatel-Lucent will merge under a deal worth €15.6 billion to form Nokia Corporation.
Alcatel-Lucent CEO to gain €14m from Nokia merger
With the pending merger of Alcatel-Lucent and Nokia, the CEO of the French company has come under fire by local governing bodies after it was revealed he is set to pocket €14 million when the deal is finalised.
Nokia targets 5G future with new chipsets that boast 3x capacity TechRepublic
Nokia’s new chips incorporate AI to reduce the size and power use of MIMO antennas and will be available in Q3 2018.
5G smartphones are coming. Here’s a (probable) list of them CNET
The 5G revolution is nearly upon us. Here’s when to expect super fast 5G phones from heavy-hitting phone makers.
Galaxy Z Fold 4 Under-Display Camera May Get A Stealthy Makeover
According to a tweet from the account @SamsungRydah, which was first spied by SamMobile and has since been removed by Twitter based on a copyright claim (seemingly lending credibility to the leak), the Galaxy Z Fold 4 will rectify the poor invisibility of the UDC. The model will reportedly use a different arrangement of pixels to make it denser, providing a 132ppi circle, up from the Galaxy Z Fold 3 model’s measly 94ppi. The result is that the hole will hopefully be less visible, and text should be less distorted in that area. Unfortunately, it’s not completely invisible, at least not based on the leaked slide.
What isn’t clear, however, is whether Samsung is also upgrading the camera sensor itself to something more than just 4MP. Increasing the sensor’s own pixel count could help offset whatever side effects the UDC panel might have in terms of quality. While the Galaxy Z Fold 3 foldable’s internal camera was moderately usable for video calls, it just didn’t sit well with buyers considering how much they’d paid for the premium phone.
An upgraded internal camera would be in line with upgrades to the other cameras expected for the Galaxy Z Fold 4. These include a 50MP main sensor and a 10MP telephoto with 3x optical zoom. These are moderate upgrades, of course, but Samsung seems to be taking a page from Apple’s book here by improving quality through software and other minor tweaks rather than going all out on what would be a bulky sensor that wouldn’t fit the Galaxy Z Fold 4 model’s slim profile.
Today’s Wordle Answer #416 – August 9, 2022 Solution And Hints
The answer to today’s Wordle puzzle (#416 – August 9, 2022) is patty. Its meaning varies across cultural contexts — to the British, it’s a small pie or pastry; to North Americans, it’s a small, round, and flat chocolate-covered peppermint sweet. More generally to Americans, it’s a small flat cake of minced or finely chopped food, especially meat (via Merriam-Webster). To Mr. Krabs of SpongeBob, it’s a veggie burger (and a moneymaker). Seeing as the word patty has roots in the French word “pat,e” which means dough, Mr. Krabs obviously knew what he was doing.
We solved the puzzle in four tries today, just like yesterday and the day before. We began guessing with the word roate, which is an uncommon but excellent first guess (even the WordleBot thought so). After following up with fluid, we hit a lucky strike with catty — only one letter short of the correct answer.
The Reason Ford Won’t Build A Mustang GT500 Convertible
Ford won’t be making a convertible Mustang GT500 because… it’s too powerful.
Hau Thai-Tang, Ford’s chief product platform, and operations officer confirmed the S550 platform on which the Mustang was built had reached “the top end of the capabilities” (via Muscle Cars & Trucks).
Dave Pericack, former Director Enterprise Product Line Management — Ford Icons, backs up those comments even more bluntly. “The real reason” Ford isn’t making a convertible model is because, by removing the roof, the car would lose all its structure and stiffness in the chassis and body. The power of the GT500 is simply too much for a convertible car to handle.
The only way it could make a convertible model would be to “spend a lot of money in exotic material” to compensate for the loss of the roof and the structural integrity it provides (via Ford Authority). Ford is not prepared to do that, considering the S550 platform is nearing the end of its road. The S650 platform — the seventh generation of Ford Mustangs — is on its way and will, in all likelihood, be the last Mustang with an internal combustion engine.
Fear not Ford faithful. The Blue Oval is already looking to the future and has already built a 900hp electric Mustang to show the world that an EV can also be a muscle car.
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