Nokia has revealed plans to shed up to 14,000 jobs following a slump in sales.

The Finland-based telecoms technology firm, which has 86,000 staff worldwide, said it was launching a cost-saving drive across the business in a bid to boost its margins.

Nokia reported a 20% fall in sales during its third quarter.

Comparable net sales fell to €4.98bn (£4.3bn), well short of analysts’ estimates.

It blamed sliding demand for 5G equipment, particularly in the US.

That’s also hit sales at Nokia’s rival Ericsson, and it too has cut jobs to save cash this year as technology investment is hit by the global economic slowdown.

Nokia, which sold its mobile phone business to Microsoft in 2014, forecast total savings of up to €1.2bn (£1.04bn) by 2026.

It said that head office functions would feel the bulk of the pain, while spending on research and development (R&D) would be protected.

The company had employed more than 100,000 people in 2018.

Nokia was yet to respond to a request for comment by Sky News on whether any staff in the UK, who are understood to focus on its R&D efforts, would be affected.

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President and CEO Pekka Lundmark told investors: “The most difficult business decisions to make are the ones that impact our people.

“We have immensely talented employees at Nokia and we will support everyone that is affected by this process.

“Resetting the cost base is a necessary step to adjust to market uncertainty and to secure our long-term profitability and competitiveness.

“We remain confident about opportunities ahead of us.”

Shares in the company were 25% down in the year to date ahead of the market open.

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