Nokia lays off 10,000, sells Vertu

Nokia has announced drastic cost cutting measures in the face of the company declaring a US$1.76 billion loss for Q1. This was also when it lost its position as the number one smartphone manufacturer to Korean chaebol Samsung.

A Vertu-branded handset
(Credit: Vertu)

The company's new strategy involves laying off 10,000 employees, globally, by the end of Q3, including three of its top executives. Chief marketing officer Jerri DeVard, executive vice president of mobile phones Mary McDowell and executive vice president of markets Niklas Savander will be stepping down from their posts.

Lastly, Vertu, its luxury phone division, will be sold to EQT VI, a European private equity firm. Those hoping for a blinged-out Vertu Windows Phone should lower their expectations till we hear more about how EQT VI will handle the brand.

Via CNET Asia

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