Bitcoin sets a new all-time high above $6,000 >>> READ MORE

Nokia to Slash 10,000 Jobs by 2013, Shares Plunge

The company also signaled worsening second quarter results


More job cuts are coming to struggling Finnish cell phone maker Nokia (NYSE:NOK).

The company said today that it will trim its payroll by 10,000 workers by the end of next year.

Report: Microsoft Looked at Nokia’s Books and Fled
Report: Microsoft Looked at Nokia’s Books and Fled

On the news, Nokia shares plunged more 15% in early Thursday trading in New York.

Nokia is attempting to lower its costs and restructure its operations as it adjusts to the rapidly shifting global mobile device market, the Associated Press noted.

In addition to the workforce reductions, the company will close research and development facilities in Germany and Canada. It will also shutter a manufacturing facility in Finland.

Company officials also warned investors that its outlook for the second quarter continued to darken. Nokia said smartphone competition would negatively affect its own smartphone sales to a “somewhat greater extent than previously expected.”

Projections for the third quarter aren’t any better.

Nokia, once the world’s leading cell phone maker, was slow to respond to the rising demand for smartphones. The company has been hurt by competition from smartphone makers like Samsung and Apple (NASDAQ:AAPL). The company recently partnered with Microsoft (NASDAQ:MSFT) on its new Lumia 900 Windows-based smartphone.

In the last quarter, the company posted a significant loss and ceded its position and top cell phone maker to Samsung. It’s smartphone sales during the first quarter were 12 million units, compared to 35 million for Apple and more than 44 million for Samsung.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC