Nokia Cuts 10,000 Jobs, Streamlines to Save Costs |
| ABC News - Jun 14, 2012 |
Nokia says it will slash 10,000 jobs and close plants as the ailing company fights fierce competition, and gave a grim outlook for most of the year, causing its shares to plummet 18 percent to close at €1.83 ($2.30).
The Finnish cellphone maker also on Thursday announced personnel changes and said it has agreed to sell its luxury phone brand, Vertu.
The measures, aimed at additional cost savings of €1.6 billion ($2 billion) by the end of next year, will shut down research and development facilities in Ulm, Germany, and Burnaby, British Columbia. Nokia said it will also close its main Finnish manufacturing plant in Salo, with 850 layoffs, but will keep its research and development center there.
Nokia Corp. updated its outlook, saying that heavy competition would continue to hit its smartphone sector in the second quarter, but to a "somewhat greater extent than previously expected" and that the downturn would continue in the third quarter.
Read Full Article from ABC News
- Posted: 2012-06-14 14:28:12
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