Nokia is set to lose up to 14,000 positions to save costs, stating it does not expect a market recovery soon after third-quarter revenues fell 20% due to poor 5G equipment demand.

The Finnish telecom equipment manufacturer’s shares fell 2% at 0900 GMT.

Nokia and Ericsson’s most profitable markets, Verizon and AT&T, have turned elsewhere for growth, including India, due to a slowdown in the US.

The company plans to decrease 86,000 jobs to 72,000-77,000, or 16%, and anticipates 400 million euros in 2024 and 300 million in 2025 savings.