As mounting losses continue to stack up, Nokia announced Thursday that it plans to cut up to 10,000 jobs within a year to compensate.
Along with the new layoffs, Nokia also announced it was selling Vertu, the high-end phone side of the business in order to cut further costs and attempt to regain momentum in the smartphone industry.
While Nokia does continue to plan further development in the Windows Phone operating system and smartphone technology, the immediate future for the company is not looking so bright as sales of their products continue to plummet.
In a management overhaul, the company has also set to reorganize senior management to help shift the course of the company. Nokia also is looking to invest in location type platforms and imaging specialists. R & D and manufacturing areas for the once large phone giant are also being scaled back to help compensate for the massive losses in market share the phone maker has seen over the last few quarters.
Reporting sales down around 30% year to year, resulting in a large net loss for the company, Nokia moved Timo Toikkanen to executive vice president of mobile phones, and Chris Weber to executive vice president of sales and marketing.