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Nokia abandons VR, to cut 310 jobs

Published 10/10/2017, 10:46 AM
© Reuters.  Nokia abandons VR, to cut 310 jobs
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  • Nokia (HE:NOKIA) (NOK -0.3%) will cut jobs as it gets out of the virtual reality business, canceling its innovative Ozo hardware initiative.
  • The company will shed up to 310 jobs in Nokia Technologies, which employs about 1,090, with cuts spread across Finland, the U.S. and Britain.
  • "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 says.
  • That means not just licensing what it learned in VR, but also a pivot toward the digital health business bolstered by its purchase of Withings.
  • “Nokia Technologies is at a point where, with the right focus and investments, we can meaningfully grow our footprint in the digital health market, and we must seize that opportunity,” the company says.
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