Nokia axing 1,000 jobs to economize amid competition

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Nokia axing 1,000 jobs to economize amid competition

Struggling Nokia is downsizing by more than 1,000 jobs as part of a wide-ranging plan to cut costs and streamline operations.

The Finnish company said it will lay off 300 workers in its IT sector and transfer “some activities and up to 820 employees to strategic partners,” India-based HCL Technologies and TATA Consultancy Services, which have operations in Finland.

Nokia said Thursday that the changes, mostly in Finland, are part of 10,000 job cuts and plant closures announced in June.

The former No. 1 phone maker has been edged out by Samsung Electronics and Apple’s iPhone in the competitive smartphone race and is aiming to save 1.6 billion euros ($2.14 billion) by the end of 2013. Last week, Nokia said it expects to return to profitability as fourth-quarter mobile phone sales exceeded expectations. Bloomberg

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