Nokia Takes the Axe to 10,000 Jobs
Last April, Wall Street Daily’s Justin Fritz pointed out Nokia’s (NYSE: NOK) odd marriage to Microsoft (Nasdaq: MSFT), and why Nokia’s Lumia 900’s use of Windows Mobile probably wasn’t going to cut it for either company.
It looks like the heavy-handed union between the two companies is starting to take its toll, at least for one of them, because Nokia announced a round of job cuts. 10,000 jobs will be axed globally, bringing the total number of cuts for the last two years to 40,000.
Nokia’s losing marketshare primarily to Apple (Nasdaq: AAPL) and Samsung, as both the iPhone and Android phones consistently make huge gains in popularity.
The floundering cellphone company also announced that it expects its second-quarter loss to exceed former expectations, sending shares down 9% in early trading. Since February, shares are down more than 70%.