Daily Recession covers the world as it goes into recession. The financial crisis, stock market crash, bankruptcies, job cuts, and the turmoil that follows.

Nokia axes 7,000 jobs to slash costs

Posted: April 28th, 2011 | Author: | Filed under: By Location | Tags: , | No Comments »

Nokia will axe 7,000 jobs and outsource its legacy Symbian software to slash 1 billion euros ($1.46 billion) of costs as it struggles to compete in the fierce smartphone market.

Nokia, the world’s largest phone maker by volume, on Wednesday detailed an overhaul of its phone business following its decision to start using Microsoft software instead of its own Symbian platform.

The move includes laying off 4,000 staff and transferring another 3,000 to services firm Accenture – a total 12 percent of its phone unit workforce.

Accenture will take over Nokia’s legacy Symbian software activities and support future smartphones, including those running on Microsoft’s Windows platform.

From: Baltimore Sun

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