Nokia axes 1700 jobs
In an effort to safeguard its future competitiveness, cellphone maker Nokia is to cut 1700 jobs globally within the next few months.
Having previously disclosed plans to cut annual costs at its key handset unit by €700million, the company's latest announcement will see further job losses in its marketing unit, corporate development office and global support functions. Nokia blamed the massive fall in market demand and warned that it will look for additional savings in operational expenses across the company.
Nokia is expected to report January to March earnings per share falling to €0.08, the weakest level since the third quarter of 2001.
