Nokia plans to axe up to 310 jobs from its Nokia Technologies unit and halt development of its virtual reality camera “Ozo” and associated hardware.
The unit has about 1090 employees and the potential cuts are expected to affect staff in Finland, the USA and Britain. Nokia reportedly employed about 102,000 employees as of end-June.
The unit will continue to focus on digital health and patent and brand licensing businesses, Nokia said.
“The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities,” the company said.
