Nokia Networks is to cut 17,000 jobs as part of an extensive restructuring program that the company hopes will help focus its business and cut €1 billion (US$1.3 billion) from its annual operating expenses by the end of 2013 compared with the end of this year. (See NSN to Restructure.)

The headcount reduction means NSN is cutting 23 percent of its workforce.

The company, which has been struggling to achieve profitability since it was formed, also plans to slim down its product portfolio to focus on next-generation mobile broadband and professional services. (See Is an IPO Next for NSN? and M&A Props Up NSN's Q3 Growth.)

Light Reading will update on this story as further details emerge.

— Ray Le Maistre, International Managing Editor, Light Reading