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Nokia to lay off 180 employees in Finland, to continue 5G investment plans

Nokia Corp. plans to lay off about 180 employees in Finland this year, Reuters reported, citing a company statement.

The company, which hired about 370 people in Finland in 2019, has a workforce of about 6,000 employees in the country.

The job cuts will not affect staffers involved in 5G product development.

Nokia also affirmed its plan to reduce its cost savings target to about €500 million by the end of 2020, from the previously announced target of about €700 million. The move is in line with a strategy to make additional investments in 5G and digitalization, the report said, citing a statement from Tommi Uitto, Nokia's head of mobile networks.