The world's larges maker of cell phones, Nokia, plans to eliminate about 3 percent of its work force as demand for phones drops. The company, based in Finland, said that 700 workers there would be laid off and the rest in Europe, Asia, and North America. The layoffs will take place in the company's division that produces, markets, and sells mobile phones.
The job cuts are part of Nokia's plan to decrease its annual operating expenses by 700 million, or about 11 percent of their total expenses.
Nokia has stopped designing phones for the Japanese market as another cost-cutting strategy. They also plan to freeze salaries, hiring, and nonessential travel.
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