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Cuts loom as Nokia sets its enterprise business free to chase growth

Nokia’s latest quarterly results revealed slight revenue improvements, a 40% year-on-year drop in net profits but improved operating margins. They were overshadowed by news of more job cuts, making it clear that, to achieve more impressive figures, the Finnish company still needs to slash its costs, as well as accelerating its expansion into new software and enterprise markets, and leveraging 5G. Its efforts to inject growth into its business and move beyond the current period of stagnation show a contrasting approach to that of arch-rival Ericsson. While Ericsson’s CEO, Börje Ekholm, reversed his predecessor’s strategy of expanding into new markets, especially vertical industry sectors, Nokia has been pushing aggressively to turn itself in to a software-driven company which has a…

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