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    NOKIA   FI0009000681

NOKIA OYJ

(NOKIA)
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Nokia to allow employees to work remotely for three days a week

06/22/2021 | 12:35pm EDT
FILE PHOTO: Workers protest over job cuts at Nokia in France

STOCKHOLM (Reuters) - Nokia said its employees can choose to work up to three days a week remotely with increased support for flexible working hours from January after its current work from home policy comes to an end in December.

The Finnish telecom equipment maker conducted a survey of its employees at the end of last year and a majority said they wanted to work two to three days per week remotely, up from an average of two days before the coronavirus pandemic.

"The pandemic forced organisations to change. Technology gave people the tools to innovate. In many cases, the results have been too good to go back to the old way of doing things," Chief Executive Pekka Lundmark said.

The company, which had about 92,000 employees in 130 countries at the end of 2020, said in March it plans to cut up to 10,000 jobs within two years to trim costs and invest more in research capabilities.

Nokia plans to redesign offices to allocate up to 70% of the space in some sites to teamwork and meetings, with less area reserved for workspaces.

Offices in Dallas, Singapore and Budapest have already been reconfigured, with further sites expected to be completed by the end of the year as Nokia follows companies worldwide in opting for more hybrid working in the wake of the pandemic.

Carmaker Renault and Stellantis, the maker of Peugeot and Citroen cars, has made agreements with workers to allow employees to work from home for up to three days a week.

(Reporting by Supantha Mukherjee, European Technology & Telecoms Correspondent, based in Stockholm; Editing by Alison Williams)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MSCI SINGAPORE (GDTR) 1.52% 6676.641 Real-time Quote.13.00%
NOKIA OYJ -0.82% 5.291 Delayed Quote.69.28%
RENAULT 1.12% 33.965 Real-time Quote.-6.08%
STELLANTIS N.V. -0.24% 17.382 Real-time Quote.0.00%
STELLANTIS N.V. -0.34% 17.372 Delayed Quote.19.02%
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Financials
Sales 2021 22 140 M 26 207 M 26 207 M
Net income 2021 1 152 M 1 364 M 1 364 M
Net cash 2021 3 508 M 4 152 M 4 152 M
P/E ratio 2021 26,3x
Yield 2021 0,68%
Capitalization 30 089 M 35 613 M 35 616 M
EV / Sales 2021 1,20x
EV / Sales 2022 1,13x
Nbr of Employees 92 039
Free-Float 93,3%
Chart NOKIA OYJ
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Technical analysis trends NOKIA OYJ
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 5,33 €
Average target price 5,64 €
Spread / Average Target 5,70%
EPS Revisions
Managers and Directors
Pekka Ilmari Lundmark President & Chief Executive Officer
Marco WirÚn Chief Financial Officer
Sari Maritta Baldauf Chairman
Nishant Batra Chief Strategy & Technology Officer
Kari Henrik Stadigh Vice Chairman
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