0944 GMT - Nokia is among the most mentioned companies across news items over the past four hours, according to Factiva data, after the Finnish company said that it plans to cut thousands of jobs to save money after a fall in third-quarter profit. The telecommunications company is planning to cut between 9,000 and 14,000 jobs from a workforce of 86,000, as part of a cost-savings initiative. It has targeted between 800 million euros and EUR1.2 billion ($843.1 million and $1.26 billion) in cost savings by 2026. UBS believes the magnitude of the cost cuts reflect a challenging fundamental outlook for the business. "Management are taking action, but the end market has moved more quickly," Citi analyst Andrew Gardiner wrote in reference to the cost cuts. Nokia shares are currently down 3.9% at EUR3.13. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com)

(END) Dow Jones Newswires

October 19, 2023 06:02 ET (10:02 GMT)

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