Nokia to Lay Off Employees
Many companies, such as Motorola, are now finding that the economic crisis has hit the financial aspect of their businesses harder than ever expected. Nokia, one of the world’s leading phone manufacturers, announced that it plans to lay off roughly 600 employees beginning next year. The majority of these workers, about 450 in total, are those who work in sales and marketing, though others from the Nokia Research Center and the global process operations field will also be laid off. The announcement comes after the company lost revenue as well as market share, and released a poor third-quarter financial report. The layoffs are planned to come into effect January 1, 2009.