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Finnish telecommunications equipment manufacturer Nokia is preparing for layoffs.

The company announced that it will lay off up to 14 thousand employees as part of a new cost-cutting plan after sales fell 20 percent in the third quarter.

The company generated revenues of 4.98 billion euros in the third quarter as 5G equipment sales slowed in various markets, especially in North America. The company's sales revenues were 6.24 billion euros in the same period last year.

Nokia plans to save between 800 million euros and 1.2 billion euros to increase its operating profit margin to at least 14 percent by 2026. The company said today that the current number of 86 thousand employees will decrease to 72 thousand-77 thousand as part of the cost-cutting plan.