BC Business
Nokia job cuts | BCBusinessJust weeks after other major tech firms lay off thousands of employees, Nokia announced it will cut 10,000 jobs and close plants.
The mobile phone manufacturer plans restructure with thousands of layoffs and plant closures in hope of streamlining its operations. Just weeks after Yahoo and RIM announced massive job cuts, another tech firm is passing on thousands of pink slips to its employees. Finnish mobile phone maker Nokia said it will cut 10,000 employees globally and close down several plants and research and development projects by the end of 2013.
Just weeks after Yahoo and RIM announced massive job cuts, another tech firm is passing on thousands of pink slips to its employees. Finnish mobile phone maker Nokia said it will cut 10,000 employees globally and close down several plants and research and development projects by the end of 2013. One of the R&D projects is right here in Burnaby, B.C. Nokia’s reasoning follows the usual song and dance — the company wants to streamline its operations. In other words, its finances are tanking and the company needs to axe the dead weight to stay afloat. While the company was still the No. 1 cellphone maker in the world in 2011, Nokia posted it worst quarterly profit ever in April with a $929-million loss. Nokia’s cellphones have fallen out of favour with North American consumers in recent years and more people switch to smartphones, including the Apple iPhone. Currently, Nokia sits in third place behind Apple and Samsung. Markets responded with the company’s stock plunging seven per cent.