Nokia to Cut 12% of its Handset Workforce

Nokia (NOK), the world’s leading cellphone maker, on Wednesday reported it intends to reduce the labor force at its handset business by 7,000 jobs, or 12%, following its decision to attempt a fightback in the smartphone marketplace by utilizing Microsoft’s (MSFT) software. Stephen Elop, the former Microsoft executive who became Nokia chief executive in September, said the cuts were needed to prepare Nokia for its partnership with Msoft.

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