Nokia Cuts 10,000 Jobs Says Report
On Helsinki Stock Exchange (Finland), Markets are down and Nokia shares to below at €2.00, and this could be happend first time on the Market.
According To Reuters Nokia (NOK1V.HE) plans to cut 10,000 more jobs, bringing the total to one in three staff, as it loses market share to cellphone rivals Apple (AAPL.O) and Samsung (005930.KS) and burns through cash, raising new fears over its future.
"These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia's long-term competitive strength," company chief executive Stephen Elop said in a statement.
"These cuts were bigger than anyone expected. We knew that something would happen but this was well beyond our expectations," Nordea Bank analyst Sami Sarkamies told AFP
"Nokia is significantly increasing its cost reduction target for devices and services in support of the streamlined strategy announced today," said CFO Timo Ihamuotila. "With these planned actions, we believe our devices (and) services business has a clear path to profitability. Nokia intends to maintain its strong financial position while proceeding aggressively with actions aimed at creating shareholder value."
CEO Stephen Elop said the planned cuts were "a difficult consequence of the intended actions we believe we must take to ensure Nokia's long-term competitive strength."
"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," he added.