Nokia has hired hundreds of engineers in Finland this year to speed up its 5G development, the company said on Wednesday.

The company slashed its 2019 and 2020 profit outlook last week, saying profit would come under pressure as the company spends more to fend off rivals in the 5G networks business.

Nokia has recruited 350 staff in Finland this year, 240 in its mobile networks unit and many dedicated to developing SoC integrated circuits for its 5G equipment, a Nokia spokeswoman said.

Nokia posted disappointing third-quarter results and slashed its outlook.