Nokia CEO Pekka Lundmark has set out his restructuring plans after poor comparative results to Ericsson tanked the company’s shares.

“Our industry is undergoing profound changes. Industrial automation and digitalisation are increasing customer demand for high-performance networks, with a trend towards open interfaces, virtualisation, and cloud-native software,” said Lundmark.

“As we work to renew our strategy, we will ensure we are well-positioned to leverage...