Nokia has announced 10,000 more job cuts and several high-profile executive departures – fuelled by disappointing expectations for the current quarter – as well as the sale of its “luxury mobile phone unit” Vertu to private equity firm EQT VI.
The ailing Finnish giant said it is planning to improve its position by “significantly” reducing its Devices & Services operating expenses, “substantially” cutting its headcount, and trimming its factory footprint.
Stephen Elop, its president and CEO, said: “We intend to pursue an even more focused effort on Lumia, continued innovation around our feature phones, while placing increased emphasis on our location-based services. In its Smart Device unit, it plans to “extend its strategy by broadening the price range of Lumia and continuing to differentiate with the Windows Phone platform, new materials, new technologies and location-based services.”
In addition to using its location-based platform as a way to differentiate its Lumia range, the company said it “plans to extend its mapping technology to multiple industries to strengthen the platform and generate new revenue.”
In its mass market Mobile Phones unit, it intends to “further develop its Series 40 and Series 30 devices, and invest in key feature phone technologies like the Nokia Browser, aiming to be the world’s most data efficient mobile browser.”
The company has also announced it intends to acquire “world-class imaging specialists as well as technologies and intellectual property” from Swedish company Scalado.
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