Asia Tech Wire (Oct 21) -- Finnish telecom giant Nokia has cut nearly 2,000 jobs in China, as part of a sweeping cost-cutting program, according to Bloomberg.

Citing people familiar with the matter, the report said that Nokia's layoffs in China stem from the company's plan to cut jobs announced last year.

Nokia announced last October that it planned to cut up to 14,000 jobs over the next three years.

According to a Nokia 2023 report, it employs about 10,400 people in Greater China.

A Nokia spokesperson said the company currently holds a total share of less than 5% of China's telecom equipment market.

The company has already reduced its presence in China, exiting its communications joint venture with Huawei in the country, TD Tech, earlier this year.

In addition to the China layoffs, Nokia plans to cut another 350 people in Europe, 48 of them in Finland.