Nokia To Cut 10,000 Jobs and Close 3 Facilities

parallel_prankster writes "NY Times reports that Nokia said on Thursday it would slash 10,000 jobs, or 19 percent of its work force, by the end of 2013 as part of an emergency overhaul that includes closing research centers and a factory in Germany, Canada and Finland, and the departures of three senior executives. The company also warned investors its loss was likely to be greater in the second quarter, which ends June 30, than it was in the first, and that the negative effects of its transition to a Windows-based smartphone business would continue into the third quarter. Nokia, based in Espoo, Finland, posted a loss of €929 million, or $1.2 billion, in the first quarter as sales plummeted 29 percent. Once the undisputed global leader in the mobile phone business, Nokia has been outcompeted by Apple, as well as by Samsung and other makers of handsets running Google's Android operating system." (Here's another source, if you're hit by the NYT paywall, and the company's own positive spin.)

Comments

Re:No good news in that

[roman_mir]

Yeah, these jobs and the Angry Birds jobs, and this will continue.

Too many people are arguing pro-Finish type of socialism, but that's why Finland is going to lose more and more jobs. All socialists do is drive investment capital out of their countries somewhere else. Good for 'somewhere else', bad for those socialist countries.

The good thing about this will be that eventually all socialism will end, which is great, because all of these countries will run out of other people's money to spend and nobody will loan to them also, because they don't produce anything.