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Nokia Cutting Tons of Jobs Due to Smartphone Failures

Mobile-device maker Nokia Corp. reported a euro403 million profit on Thursday compared to loses of euro426 million a year ago but 1,800 people are still going to lose their jobs.

And as we all know, this is not the first round of layoffs Nokia has suffered recently. Over the past couple of years, the Finland-based company has chopped thousands of positions.

Now, says new CEO Stehen Elop, its time to rethink the Symbian operating system and Nokias overall approach to this industry.” Nokia remains the worlds largest wireless handset manufacturer but is losing ground to Apple, Motorola and other rivals. So, even though third-quarter sales rose 5 percent, Nokia warned itll sell fewer devices in the three months ending Dec. 31, and show lost market share for the full year.

Shares of Nokia were trading 3.23 percent higher a little before 2 p.m. Eastern, reaching $11.18.

On the whole, Elop, who was recruited from Microsoft and stepped in as CEO last month, seems to lack vital wireless experience. But is his corporate acumen for trimming what little fat Nokia has left on-target? You tell us: Is Elop making a tough but necessary call or resorting to an easy, age-old solution for propping up the next round of earnings results?


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