Pros
Nokia is a great company to work for as a technical engineer as there is a high level of technical competence across all areas of the company. The hours are flexible as needed and my colleagues are generally fantastic. The pay is generally average to above average, but other benefits such as 401k match and paid time off are exceptional. Even in the unfortunate situation where the company needs to lay people off, they are treated fairly, and the company makes the transition as painless as possible for the departing employee.
Cons
When the company is not doing well it is reflected by doing layoffs. When the company is doing well, they tend to hire like crazy. This results in a viscous repetitive cycle of too aggressive hiring followed by layoffs followed by more hiring followed by more layoffs. This is not helpful for overall employee morale.