Nokia Is on Track to Save $2.2 Billion in Five Years
Nokia (NOK) recently unveiled a new cost-savings plan that could result in an ~$800.0 million reduction in its annual costs by 2020. To achieve this new cost-cutting goal, Nokia intends to shrink its workforce and reduce its research and development spending on certain products. In 2016, Nokia set out to save ~$1.4 billion in annual costs by the end of 2018.