Pekka Lundmark: Yes, Alex. This – I mean, the inventory digestion obviously varies by customer, but things do continue to trend in the right direction. Some customers are more advanced than others in terms of reaching their desired levels, and it continues to impact Q4, given the pace of rollout of several networks has slowed. But the big picture still is that we expect this to be much less of a topic in 2024.
David Mulholland: Thank you, Alex. We’ll take our next question from Simon Leopold from Raymond James. Simon, please go ahead.
Simon Leopold: Thank you very much for taking the question. I want to see if you could maybe unpack a bit about what’s informing your confidence in the seasonal improvement for 4Q and just remind us what are your views on what is normal seasonal, just so we’ve got – got a reference on that. And what I’m looking for is whether it’s around products or around geographies. Just what’s kind of the bill to that confidence? Thank you.
Pekka Lundmark: Yeah, absolutely. Thank you. Normally, if you look historically, we’ve seen the normal seasonality if you compare between quarter three and quarter four, that there is about 20%, 25% uptick between those two quarters. And this is how our customers usually buy from us and also the delivery schedules based on this. What comes to this year, this is what we see right now that we have some regional differences as well. We have said that India is slowing down, just like we’ve said already in quarter two that we see that during the second half, we see more normalization in India. But then, of course, we see other customers and other regions as well that there is normal seasonality trend and this is why we expect the quarter four to be an uptick. And of course, here as well, I just want to remind you that we have assumed that we will sign the agreements in the tech side, which are in the litigation right now.
David Mulholland: Do you have a follow-up, Simon?
Simon Leopold: Yes. Just maybe a quick follow-up and more just philosophically, does the increased BU autonomy imply in any way that the company is more open to the idea of either some divestitures or separation of any kind? Can people read that into this structure? Thank you.
Pekka Lundmark: Well, as I said, the purpose or the reason why we are doing that, i.e., increased autonomy, the businesses is really to accelerate our strategy execution, and we are removing any kind of remaining complexity in the organization, in the interface between the sales teams and the business units. So that is really the driver to create smaller autonomous units so that they would be able to, in a way, control their own destiny when it comes to the market’s expansion to non-CSP businesses entering into technology and other partnerships of their own without having to negotiate or coordinate always with other businesses. So this is really the driver in all this. But having said all this, I mean, we have said, if you remember our strategy, pillar presentation from – already from the Mobile World Congress, active portfolio management is one of our pillars, and it continues to be.
So you have seen some moves earlier this year on RFS and then on the cloud infrastructure deal we made with Red Hat and absolutely these type of things will continue to be on the agenda also going forward.
Simon Leopold: Thank you.
David Mulholland: We’ll take our next question from Daniel Djurberg from Handelsbanken. Daniel, please go ahead.
Daniel Djurberg: Thank you very much. Good morning, gentlemen. My first question is a little bit on this – if you can give us any preliminary restructuring charges needed to reach a new sales model and lowered employee base, both perhaps to the 400 that you expect for 2024, so €95 million, I believe, non-restructuring charges or restructuring charges in Q3? And also, if for the full close to €1 billion mid-range of the total cost out that we should expect until 2026? Thank you.
