Finnish telco Elisa has confirmed it will cut 357 jobs.

The announcement this week comes after the company launched its transformation program in October, when the carrier hinted up to 450 jobs could be lost.

However, following personnel negotiations, Elisa will reduce its headcount by 357, of which 347 will be in Finland. Elisa also operates in Estonia.

"As part of the transformation program, Elisa is streamlining its organization and optimizing its processes," noted Elisa.

"Additionally, the transformation program includes e.g., reduction of outsourced services and procurement efficiency improvements. The cost-saving targets of the transformation program are proceeding as planned."

Despite the incoming cuts, Elisa reported that its revenue grew by five percent for the third quarter to €561 million ($652m). Last year, the telco reported annual revenue of €2.2 billion ($2.58bn).

The company currently employs more than 6,100 people in more than 20 countries.