There was a day when people used to prefer nokia phones than any other phone. Even the nokia 1100 made a huge hit in the black and white segment but now it seems as if nokia is facing troubles in making money because the downturn in business over at Nokia is finally starting to hit the firm. The top class smartphone manufacturer has recently announced that it’s going to to cut around 10,000 jobs before the end of 2013. So as a result factories in Germany, Finland, and Canada will all be closed. The company says that it will be “sharpening its strategy” in an attempt to start making money once again.
This whole total means that a renewed focus on the Lumia line of handsets, but job cuts are part of the agenda too. But with this job cut the average worker will be affected and also three executives at the company. Jerri DeVard, chief marketing officer, Mary McDowell, executive vice president of mobile phones, and Niklas Savander, executive vice president of markets, have all stepped down and have had newcomers fill their shoes.
Reuters has reported several times on the potential sale of the Vertu brand, and it turns out yesterday’s news was dead on the money. Nokia will sell the luxury phone arm to private equity firm EQT as reported, although the final sum wasn’t disclosed. The deal will close during the second half of the year, with Nokia retaining a 10% stake in the company.