Nokia to Cut 10,000 Jobs as Elop Tries to Stanch Losses

Diana ben-Aaron, reporting for Bloomberg:

Nokia Oyj reduced its earnings forecast for the second time this year and said it will cut as many as 10,000 more jobs and shut production and research sites in Chief Executive Officer Stephen Elop’s biggest overhaul.

The stock fell 18 percent to the lowest level since 1996, pushing Nokia’s market value below $10 billion.

Brutal news. I really hope Nokia pulls out of this — they’re doing some great work lately.

Thursday, 14 June 2012