Remember, this isn’t because they’re at record losses, or that they’re breaking even.
It’s literally because they’re not making enough profit.
This is the freemarket system functioning as intended.
A company can still be making money, still be above water, but decide their shareholders need to be even better off and they will decide they deserve money more than people struggling and making it by barely check-to-check.
IIUC, profit doesn’t include obligations to investors.
I believe these actions will make us stronger and deliver significant value for our shareholders
Yeah, fuck people, it’s all about the shareholders
I thought that quote satire. Nope it’s real. JFC. 😩
Legally, they aren’t even allowed to care.
They have a duty to maximize profits.
What’s the alternative though, hire as many people as possible and fail?
If you are losing market share and profits then something needs to change, if you can cut costs of that. It’s a ridiculously big number and incredibly unfortunate but it’s unrealistic to think it’d be anything else
That’s a drop in profit, right? Not an actual loss
Still made a profit, but have to fire all you. Sorry, gotta keep Wall Street happy. Byeeeee
That’s how they made the profits
Nice.
Nice.
Possibly helpful graph to show what this actually means https://www.statista.com/statistics/275358/number-of-nokia-employees-since-2005/
I wish these news articles always included this information. For public companies, it’s a minute of googling.
What happened in 2015/2016?
They acquired Alcatel-Lucent, which had about 50k people at the time.
What does Nokia even sell these days?
They mainly make telecom equipment. Also the modern Nokia phones are made by a company called hmd global. Not Nokia proper.
