Huge news today from Nokia as the company announced more job losses as well as news the company will shut down it's main production facility in Salo, Finland - R&D will continue there
Nokia Corp. will lay off 10,000 jobs globally by the end of 2013, the company said Thursday, in a further drive to save costs and streamline operations.
The company will shut some research and development projects, including facilities in Burnaby, B.C., and Ulm, Germany.
Nokia will also close its core manufacturing plant in Salo, Finland, while maintaining research and development operations there.
"These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia's long-term competitive strength," Nokia CEO Stephen Elop said. "We are increasing our focus on the products and services that our consumers value most while continuing to invest in the innovation that has always defined Nokia."
Nokia also gave an updated outlook, saying that "competitive industry dynamics" in the second quarter would hit its smartphone sector to a "somewhat greater extent than previously expected" and that no improvement was expected in the third quarter.
The company's share price plunged more than seven per cent to €2.05 in morning trading in Helsinki.
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