Nokia cutting 1,700 jobs

Nokia said it will cut 1,700 jobs, as it continues to cut costs in the face of weakening consumer demand worldwide.

The Finnish company said that the job cuts would come from its devices and markets units as well as in its corporate development office and in global support function roles. The company said it plans to scale back sales, marketing and technology management because of a "pruned" portfolio and global consumer demand. In addition, it will streamline device research and development. Nokia also said that it will increase efficiency in global support functions and address marketing and other activities it no longer needs following its acquisition of Symbian.  

Nokia, while still the global leader in handset market share, saw its sales drop in the fourth quarter and its net profit drop 69 percent. The company shipped 113.1 million units in the quarter, down 15 percent from the 133.5 million it shipped in the fourth quarter last year and down from the 117.8 million it shipped in the third quarter of 2008. Recent research has shown that its smartphone market share also eroded slightly in 2008.

Nokia employs more than 125,000 workers worldwide and around 8,000 in North America.

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