Nokia Technologies will slash 310 jobs as part of its strategy to reduce investments and focus more on technology licensing opportunities in VR market.
The digital media business of Nokia Technologies will halt development of further versions of the OZO VR camera and hardware. Nokia Technologies, however, will be maintaining commitments to existing VR customers.
“The job reductions are expected to affect up to 310 of the roughly 1,090 employees in Nokia, mainly in Finland, the US and the UK. To start the process, Nokia invited employee representatives of Nokia Technologies in Finland to cooperation negotiations,” said Gregory Lee, president of Nokia Technologies.
Nokia Technologies said it will sharpen focus on digital health in order to accelerate growth. Nokia Technologies will focus on growing brand, technology licensing and patent licensing business.
The shift deepens Nokia’s commitment to leverage its digital health business acquired through the purchase of Withings in 2016.
