Nokia pulls back on VR and axes 310 jobs

10 October, 2017, 13:09 | Author: Oscar Goodwin
  • Nokia is giving up on VR – 300 jobs at risk

An estimated 310 out of 1,090 people could be laid off, mostly in Finland, the USA and Great Britain, Nokia announced in a press release.

However, negotiations on reducing staff numbers and costs must start the process, and so talks will soon begin in Finland.

Nokia today announced plans to sharpen the focus of Nokia Technologies on digital health, and accelerate growth in that market, while optimizing investments in virtual reality (VR). The company says that the VR market has grown more slowly than expected, and as a result, investments will be cut, and the development of the OZO VR camera and hardware will stop.

The Ozo offered 360-degree video and audio capture and was used in BT Sport's VR broadcast of the 2017 UEFA Champions League final in Cardiff. Nokia Technologies will also focus on growing brand and technology licensing while leaving its successful patent licensing business untouched.

Nokia, whose main business is now telecoms network equipment, launched the camera a year ago as the first device for its digital media business, one of its new hopes for future growth. The company said the VR market's development had turned out to be "slower than expected". Despite the halt, Nokia will continue to honor its commitments with existing customers. The closure of this business also means handing out pink slips to employees who are working for this unit across the US, Finland and the UK.

Nokia will instead make digital health, which it launched with the acquisition of Withings in 2016, a key priority.

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