Nokia's transition from a smartphone manufacturer to a telecoms network equipment company that also manufacturers digital media devices has not been a smooth one, and now the company has announced cuts of 310 jobs and the end of its OZO virtual reality camera.
Currently the unit in question employees 1,090 people, with the job cuts likely to affect staff in Finland, the US and Britain. The unit will now turn its attention towards digital health as well as its patent and brand licensing business.
Nokia holds a wide range of mobile patents and is still highly thought of in the telecom industry which could help the company going forward.
As of the end of June 2017, Nokia employed around 102,000 employees worldwide.
Nokia launched its OZO camera last year to help developers create 3D movies and games for virtual reality headsets. It was intended to be the first of many devices from the company's digital media business and expectations were high for its success.
However, a prohibitively high price (the OZO VR camera initially retailed for $60,000) put many buyers off, and Nokia ended up lowering the price of the camera by 25 percent to $45,000 later that year.
Image Credit: Kārlis Dambrāns