Nokia said Thursday it will cut 10,000 jobs, 19 percent...
Nokia said Thursday it will cut 10,000 jobs, 19 percent of its work force, by the end of 2013, close research centers and shutter factories in Germany, Canada and Finland. Nokia also warned that its loss is likely to be…
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higher in Q2, ending June 30, than it was in Q1. “Nokia continues to struggle for traction in major markets against Android and Apple,” said Jennifer Fritzsche, analyst at Wells Fargo. “The company is taking significant cost reduction actions and is investing in targeted areas of future growth to ensure future profitability and a sustainable long-term model. We expect Nokia to struggle as it undergoes this massive transformation and cuts back on R&D and distribution, which were two prior areas of strength for the company."