Nokia Cuts 10,000 Jobs

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.

The loss-making company has been struggling against fierce competition from Apple Inc.'s iPhone and other makers using Google Inc.'s popular Android software, including Samsung Electronics Co. and HTC of Taiwan. It is also being squeezed in the low-end by Asian manufacturers making cheaper phones, such as China's ZTE. Read more >>

Nokia to reduce global work force by 7,000

Image via CrunchBaseNokia Corp. announced plans Wednesday to reduce its global work force by 7,000, in part by transferring 3,000 employees to global consulting firm Accenture PLC in an effort to save €1 billion ($1.46 billion) in operating costs by 2013.

The announcement comes as Nokia struggles to regain lost ground in the lucrative smartphone business. Rivals Apple Inc. and smartphones that run on Google Inc.'s Android operating system have for years been taking market share from Finland-based Nokia. More...