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© nokia Electronics Production | October 10, 2017

Nokia is giving up on VR – 300 jobs at risk

The company says it will increase its focus on digital health and brand and technology licensing balanced with optimised investments in virtual reality.
Nokia describes the plan as a strategy to sharpen the focus of Nokia Technologies in regards to digital health, and accelerate growth in that market, while optimising investments in virtual reality (VR). At the same time Nokia Technologies says it will keep growing brand and technology licensing while leaving its patent licensing business untouched.

The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities. The unit aims to halt development of further versions of the OZO VR camera and hardware, while maintaining commitments to existing customers.

The potential reductions are expected to affect up to 310 of the roughly 1090 employees in Nokia Technologies, mainly in Finland, the US and the UK.

"Nokia Technologies is at a point where, with the right focus and investments, we can meaningfully grow our footprint in the digital health market, and we must seize that opportunity," said Gregory Lee, president of Nokia Technologies. "While necessary, the changes will also affect our employees, and as a responsible company we are committed to providing the needed support to those affected."

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October 16 2017 2:56 PM V8.8.6-2