June 14 - Finnish mobile phone maker Nokia is cutting 10,000 more jobs and selling off its luxury handset unit Vertu, in a bid to keep the company alive in the face of a weakening market share and cash position. Sonia Legg reports.
Another round of job cuts at Nokia - 10,000 will go this time in the biggest revamp in its recent history. The cuts will be made globally and include the closure of Nokia's only plant in Finland. 40,000 jobs at the troubled mobile phone maker have now been cut since Stephen Elop took over as Chief Executive two years ago. Nokia also warned the second quarter loss from its cellphone business would be larger than expected. Much has been said about Nokia's prospects in recent years as it loses market share to the likes of Apple and Samsung. The company's cash position is also being scrutinized by investors. Nokia says it needs to spend 650 million euros in the remaining three quarters on restructuring. Shares fell 9 percent in early trading - they've crashed more than 70 percent since February last year when Nokia decided to use Microsoft's Windows phone system instead of its own operating software. Sonia Legg, Reuters.