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 has laid off close to 2,000 people or about a fifth of its employee base across Greater China and plans to cut another 350 jobs across Europe as part of efforts to lower costs, according to two sources 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.

A Nokia spokesperson confirmed the company had opened consultations relating to laying off 350 employees in Europe but declined to comment on Greater China