Nothing has confirmed that it is reorganising and cutting some roles, while denying reports that it plans to leave 12 markets. Cofounder Akis Evangelidis described the reported scale of layoffs as exaggerated and said the company is consolidating country operations into regional hubs as part of a growth strategy that includes an AI-focused unit.

The company said its Phone 4B sold 29,537 units on its first day, which Evangelidis said was a record for its price segment. Nothing is facing pressure from rising component costs and shortages in the mid-range phone market: its CMF budget brand will not launch a phone this year, while the company says memory costs for the Phone 4A have doubled since launch.