Dow gives back 0.2%. Watch these stock charts: NKE, S, CREE >>> READ MORE

Struggling Nokia to Fire or Transfer 1,000 Employees

The job losses and transfers will hit its Finland workforce


Struggling handset-maker Nokia (NYSE:NOK) announced on Thursday that it will eliminate about 300 jobs and shift 820 other jobs to overseas suppliers.

Most of the lost jobs will from its Finland operations. The remainer will be transferred from the company’s payroll to its India-based outsourcing partners, The Wall Street Journal noted.

Should I Buy Nokia? 3 Pros, 3 Cons
Should I Buy Nokia? 3 Pros, 3 Cons

Once the leading maker of cell phones, Nokia has seen its market share crash in recent years as it encountered competition from Apple‘s (NASDAQ:AAPL) iPhone and smartphones running Google‘s (NASDAQ:GOOG) Android operating system.

In a bid to reclaim lost market share, Nokia has partnered with Microsoft (NASDAQ:MSFT) to produce smartphones running Windows 8. It’s new Lumia flagship phone has proven a modest success.

Nokia has also engaged in significant cost-cutting to firm up its financial position. Last year, it announced that it would trim its payroll by 10,000 jobs.

The company also sold its ultra-modern Finnish headquarters, and then leased its office space back from the new owner.

Shares of Nokia slipped fractionally in Thursday morning trading.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC