Telecom network equipment maker Nokia has hired hundreds of engineers in Finland this year to speed up its 5G development, the company said on Wednesday.
The Finnish company, rival to Sweden's Ericsson and China's Huawei, slashed its 2019 and 2020 profit outlook last week, saying profits would come under pressure as the company spends more to fend off rivals in the fast-growing 5G networks business.
Nokia has recruited 350 staff in Finland this year, 240 in its mobile networks unit and many dedicated to developing SoC (system on chip) integrated circuits - a key element for its 5G equipment, a Nokia spokeswoman said via email.
"It is true that we have hired 5G development personnel lately, not only in Oulu but also in Tampere and Espoo," the head of Nokia's networks unit Tommi Uitto was quoted saying in Finland's largest daily Helsingin Sanomat.
The company has sped up its hiring since he started in his position a year ago, Uitto added.
Nokia shares plunged 21% last Thursday after the company posted disappointing third-quarter results and slashed its outlook. Nokia shares are down 30% this year.