Nokia plans to cut up to 14,000 jobs and reduce costs after experiencing a 20% drop in sales due to weak demand for 5G equipment. The company aims to save 800 million to 1.2 billion euros by 2026 and expects its employee count to decrease. The company's most important market, North America, saw a 40% decrease in net sales. Nokia plans to protect research and development despite the cuts. Quarterly net sales for Nokia fell below estimates.