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Nokia reorganizes, cuts jobs

Posted: 28 Oct 2010 ?? ?Print Version ?Bookmark and Share

Keywords:reorganization? quarterly report? Stephen Elop?

Nokia Inc. is planning to cut 1,800 jobs as part of its reorganization, as it streamlines corporate functions and corporate research activities.

The cellphone manufacturer is set to simplify operations in product creation in its Symbian smart phones organization. It also clarified its efforts across both the Symbian and MeeGo platforms. There has been a decision to focus on so-called Qt technology as the sole application development framework to ensure that applications will continue to be compatible with future evolutions of Symbian as well as upcoming MeeGo products.

Nokia posted net sales of about $14.3 billion in Q3 2010, up 5 percent year-on-year and 3 percent sequentially.

Operating profit for Q3 2010 increased to about $558 million, compared with an operating loss of about $590 million in Q3 2009 and an operating profit of about $408 million in Q2 2010.

In Q3 2010, the overall industry mobile device volumes were 364 million units based on Nokia's preliminary estimate, representing an increase of 14 percent year-on-year and 8 percent sequentially. Nokia's preliminary estimated mobile device market share was 30 percent in Q3 2010, down from an estimated 34 percent in Q3 09 and an estimated 33 percent in Q2 2010.

Nokia recently reported that Olli-Pekka Kallasvuo stepped down as CEO. He was succeeded by Stephen Elop from Microsoft Corp., as the world's largest handset maker looks to move out from under the shadow of recent profit warnings.

- Mark LaPedus
EE Times

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