Today they have 86000 employees so the reduction is about 16% of the total work force. It's not nothing but I wonder where and what types of work gets cut first. Usually it's not people producing stuff like programmers but roles that companies in times of trouble realize they can be without.
I had no idea what they are up to these days. I own a button dumb phone by Nokia, it's fine but would not explain even 1% of that employment number. PA says they're making telecom equipment now. Fun thing it also mentions Ericsson, which used to make phones under its brand, then Sony-Ericsson smartphones (not unlike Microsoft-Nokia) and then had to drop it completely.
The Nokia-of-phones sold itself to Microsoft and was subsequently wound down. While the brand name for phones still exists, it's no longer held by the corporation now called "Nokia". That came to be, if you like to call it that, from a "reverse merger".
The telecommunications equipment branch (which makes base stations and wireless connectivity hardware) was partially outsourced and recombined with that of Siemens, and later I think parts of Ericsson, to form "Nokia-Siemens Networks". Which after "old-new" Nokia's demise took (bought ?) the name back and became ... just "Nokia" again.
So yes there are "Nokia phones" again/still, but they're no longer made by Nokia. While Nokia-of-today is still doing what they (if under slightly different names) have done for 25y+ - make, install, maintain telecommunications infrastructure.