Nokia cuts hundreds of jobs, halts VR camera development

By on
Nokia cuts hundreds of jobs, halts VR camera development

Nokia plans to reduce up to 310 jobs from its Nokia Technologies unit and halt development of its "OZO" virtual reality camera and hardware, the Finnish company said on Tuesday.

The unit has about 1,090 employees and the potential cuts are expected to affect staff in Finland, the United States and Britain. Nokia employed about 102,000 employees as of the end of June.

The unit will continue to focus on digital health and patent and brand licensing business, Nokia said.

"The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities," it said in a statement.

Nokia, whose main business is now telecoms network equipment, launched the camera last year as the first device for its digital media business, one of its new hopes for future growth.

It was designed for making 3D movies and games that can be watched and played with virtual reality headsets. Nokia cut the price of the camera by 25 percent to US$45,000 (A$58,000) later last year.

(Reporting by Jussi Rosendahl; editing by Jason Neely)

Got a news tip for our journalists? Share it with us anonymously here.
Tags:

Most Read Articles

You must be a registered member of CRN to post a comment.
| Register

Poll

What's your top marketing tactic for 2020?
Long lunches with customers and prospects
Content marketing to drive website visits
Social media
More use of CRM
Word of mouth
Online ads
View poll archive

Log In

Username / Email:
Password:
  |  Forgot your password?