Finnish vendor Nokia has reportedly cut close to 2,000 jobs across its Greater China business, and plans to axe another 350 roles across Europe in an effort to lower costs.
As reported by Reuters, the vendor has laid off around a fifth of its employee base across China.
The newswire noted that a Nokia spokesperson confirmed the company has opened consultations relating to the potential layoffs in Europe.
News of the layoffs follows Nokia's announcement earlier today (October 17) that its quarterly net sales dipped eight percent for the third quarter. The company blamed a slowdown in its Indian business for the decline.
As of the end of last year, Nokia had 10,400 employees in Greater China and 37,400 employees in Europe.
Around a year ago, Nokia revealed plans to axe 14,000 jobs by 2026 in an effort to reduce costs and save between €800 million ($869m) and €1.2 billion ($1.3bn) by 2026.
According to Reuters, the cuts in China and Europe are part of those layoffs announced last year.
At present, Nokia employs 86,000 people globally but the company expects this figure to reduce to between 72,000 and 77,000.
Nokia's rival Ericsson also revealed plans to cut 8,500 jobs globally last year. The vendor also said that the plan was part of cost-cutting measures.