06:19 AM EDT, 08/14/2026 (MT Newswires) -- (Updates to add Nokia's statement) Nokia (NOKIA.HE) said Friday it is "adjusting" its operational footprint in China following a steady decline in local business over the past several years. "As communicated earlier, Nokia has been taking steps to better align its operations in China with Nokia's global mode of operation," a company spokesperson told MT Newswires on Friday. The statement came after Finnish newspaper Helsingin Sanomat reported Thursday, citing sources, that Nokia plans to shut down its radio technology research and development unit in Hangzhou by the end of the year. A total of 1,600 roles will be affected, and the telecommunications equipment company already informed employees of the closure.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.