Nokia Siemens Networks has revealed plans to cut 17000 jobs in their global operations in the next two years.
The networking industry giant has been making losses and this is one of the steps taken to get back to profitability.
The company said that they are aiming to cut 1 billion euros in annual operating expenses and production costs by the end of 2013.
Company CEO Rajeev Suri said: “We need to take the necessary steps to maintain long-term competitiveness and improve profitability in a challenging telecommunications market. Our commitment to research and development remains unchanged, with investment in mobile broadband expected to increase in coming years.