09:19 AM EDT, 10/17/2024 (MT Newswires) -- Nokia ( NOK ) has cut almost 2,000 jobs in China as part of a cost-saving program announced earlier, news outlets reported Thursday, citing people familiar with the matter.

The company also plans to eliminate 350 jobs in Europe, Reuters reported.

The job cuts are part of an effort launched last year by the telecommunications equipment maker to reduce personnel by as much as 14,000, Bloomberg reported.

The company has since lowered costs by 500 million euros ($541 million) and reduced its headcount to 78,000 at the end of Q3 from 86,000 when the cost-saving program was announced, Chief Financial Officer Marco Wiren said during Thursday's earnings call, according to a Capital IQ transcript.

The target headcount range is 72,000 to 77,000, Wiren said, according to the Capital IQ transcript.

Nokia ( NOK ) did not immediately reply to MT Newswires' request for comment.

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