Nokia to cut further 10,000 jobs

14/06/2012

Nokia To Cut Further 10,000 Jobs

Nokia is set to cut another 10,000 jobs globally amid warnings that second-quarter losses from its mobile phone business are likely to be larger than expected.

The cuts bring total planed redundancies at the Finnish group since Stephen Elop took to the helm as chief executive in September 2010 to more than 40,000.

Nokia's shares have slumped more than 70 per cent since February 2011.

In a bid to shake off the tumbling losses last year, the firm dropped its own Symbian smartphone operating system and switched to Microsoft's Windows Phone - a move that has yet to change the company's fortunes.

The organisation expects this redundancy process to be completed by the end of next year and cost in excess of €600 million (£485 million) in 2012 and 2013.

"These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia's long-term competitive strength," Mr Elop said in a statement.

Posted by Simon Thomas

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