Nokia Rises on Job Cuts - TheStreet

Telecom equipment maker Nokia (NOK) - Get Report, the No. 1 maker of handsets, was up 1.6% in preopen Instinet trading after saying it will cut up to 1,000 jobs in its networks unit, or 4% of the unit's 23,000 employees.

The company said it is too early to estimate savings or charges from the cuts, to be largely completed by the end of the year.

Nokia previously announced cuts totaling between 500 and 600 workers, but had avoided the large staff reductions of its competitors,

Ericsson

(ERICY)

and

Lucent

(LU)

.