The headquarters of the Finnish telecoms company Nokia, in Espoo, Finland. AP

Nokia to lay off 10,000 jobs within two years to reduce costs and invests more in research, it announced on Tuesday.

Chief Executive Pekka Lundmark took over Nokia’s management last year and has made profound changes since then to recover from product missteps under the company's previous management.

He announced a new strategy in October under which Nokia will have four business groups and said the company would "do whatever it takes" to take the lead in 5G, as it banks on also capturing share from Huawei. 

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Lundmark would be announcing his long-term strategy and set financial targets on Thursday.

The company said in a statement it expects about 600 million euros ($715 million) to 700 million euros of restructuring and associated charges by 2023.

"These plans are global and likely to affect most countries," a Nokia representative said.

Nokia plans to increase investments in research and development and future capabilities including 5G, cloud and digital infrastructure.

Reuters