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. 😩
Are you trying to tell us you care for your ceo and you expect the same from him? Lmfao
Legally, they aren't even allowed to care.
They have a duty to maximize profits.
That's a drop in profit, right? Not an actual loss
Yes, one quarter of decreased profits. Sales for the same quarter are only down 20%.
Another article says “The company still expects full-year net sales in a range between 23.2 billion euros and 24.6 billion euros, sticking to its forecast.”
I understand that it’s sometimes necessary for companies to trim the fat. But with annual net sales still on track and the company making healthy profits for many quarters running, it sure sucks for those 14,000 people that one bad quarter is being used as the reason that they’ll no longer be able to pay their bills.
https://www.cnbc.com/amp/2023/10/19/nokia-to-cut-up-to-14000-jobs-after-profit-plunges-.html
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.
Nice.
Nice.
It sucks all those people lost their jobs but...
69
Heh.
Still made a profit, but have to fire all you. Sorry, gotta keep Wall Street happy. Byeeeee
This is the crux of the problem with public companies, and why they all do extremely stupid things.
That's how they made the profits
I thought Nokia was dead after Microsoft gutted it.
Nokia is not just a phone company, it is also a telecommunications equipment provider. IIRC both those departments are 2 separate companies. They set up towers, 5G hardware etc and that part of the company is basically B2B.
And a very healthy patent portfolio.
This is a different company. They shuffled names around.
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.
TiL Nokia had enough 14000 employees still
Niceee
Only 31% profit instead of 100%? Outrageous!
That's not how it works
Lol yeah. 100% profit would mean literally no operating expenses.
^Most ^economically ^literate ^Lemmy ^user.
I think he compared two years. You know…like the headline does.
I had to check the date of the article, I thought it was one from 2013.
But as I can see Nokia only laid off 10,000 in 2013, they surpassed themselves and lay off 14,000 this time.
69% is the number to decide in such businesses.
Make your products indestructible again.
Nice
Last time I wanted to buy a smartphone from Nokia they didn't even have a phone in the higher price segment. I think the highest was 500 Euro and the components were worse or only slightly better than my old phone. If they had better phones, I'd buy them.
Nokia is not making phones anymore. Those on the market are from HMD Global, a Chinese company which bought the brand name Nokia for mobile.
HMD Global is a Finnish company, run by ex-Nokia executives. It's pretty nuch the old Nokia, seperated enough to not bankrupt the original company if it goes bad.
The phones are no more Chinese than Google and Apple.
I wish that failing company would come back!
comes back
fails
😞
If I recall well the phone conception is done in China. The only Finn part is the company itself and its management.
I don't think Nokias main business is phones these days but I may be wrong. I was under the impression it was telecommunications. Microwave wireless, networking equipment etc.
They've fallen so far since the indestructible Nokia 2280
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