Nokia Oyj has cut almost 2,000 jobs in China, as part of a sweeping cost-reduction program as the Finnish company grapples with a sluggish telecom equipment market, according to a person familiar with the matter.

Nokia is laying off 2,000 employees in China and 350 in Europe as part of its cost-cutting strategy. Learn more about the reasons behind these layoffs and Nokia’s future plans in this exclusive update.

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.