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.

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.