Nokia: technologies unit to focus on health, cutting jobs.
(CercleFinance.com) - Finland's Nokia said on Tuesday that its technologies unit would focus on digital health from now on, prompting the group to cut hundreds of positions in the division.
The telecom component maker said that the slower-than-expected development of the virtual reality (VR) market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities.
More specifically, the unit aims to halt development of further versions of the OZO virtual reality camera and hardware.
The job cuts are expected to affect up to 310 of Nokia Technologies' workforce of around 1090 employees, mainly in Finland, the US and the UK, the company said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The telecom component maker said that the slower-than-expected development of the virtual reality (VR) market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities.
More specifically, the unit aims to halt development of further versions of the OZO virtual reality camera and hardware.
The job cuts are expected to affect up to 310 of Nokia Technologies' workforce of around 1090 employees, mainly in Finland, the US and the UK, the company said.
Copyright (c) 2017 CercleFinance.com. All rights reserved.