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Nokia to Cut 1,800 Jobs, Posts Strong Profit

by Hugh Collins Oct 21st 2010 6:44AM
Updated Oct 21st 2010 9:40AM
NokiaHandset maker Nokia Corp. (NOK) said Thursday that will lay off 1,800 workers as it seeks to cut costs in its Symbian Smartphone operation.

CEO Stephen Elop said that Nokia "faces a remarkably disruptive time in the industry, with recent results demonstrating that we must reassess our role in and our approach to this industry," The Associated Press reported.

The news came as the world's top mobile phone maker, reported operating profit for the third quarter of 403 million euros ($565 million), compared with a loss of 426 million euros a year earlier.

The company sold 110.4 million devices in the third quarter, a 2% increase from a year earlier.

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wavewtcher

Study after study shows that cutting jobs never helps a company stay profitable over the long haul. It is good for short term profits, and that's all. Yet the mentality on Wall Street continues. Smarter would be the company taking a realistic look at its expenses (perhaps compensation pay would be one area to start), and cutting back in a way that brings true profitability. I would guess the excessive salaries at the top, eggregious stock options and other CEO type perks would run any company financially into the ground over time.

October 22 2010 at 5:50 AM Report abuse rate up rate down Reply
TitanGirl

Cut CEO's jobs... they aren't doing the job right... causing business to slump and causing people to lose jobs. Shame on CEOs

October 22 2010 at 4:34 AM Report abuse rate up rate down Reply
NANCY

As long as people keep buying the foreign made crap this will continue to happen !!! Will people ever learn ??

October 22 2010 at 3:22 AM Report abuse +1 rate up rate down Reply
bri71666

Good! I was going to buy a new phone and I liked the Nokia, but since the idiot CEo wants to lay off workers AFTER they posted strong profits, I will buy something else. It gets me sick when upper management gets paid a ton of money and thye lay off workers with families. I got an idea...how about the idiot upper management take a pay cut and keep some of those workers?!

October 22 2010 at 12:20 AM Report abuse +2 rate up rate down Reply
mr8pak

CHANGE NEEDED: Create more competition, cause more cell phone companies to enter the market, and cause prices to DROP (capitalism), Deport all illegals over the next 2 years (Americans want their jobs), Fine all businesses that hire illegals (stop outsourcing), Relax labor laws (they cause American businesses to go out of business), End Affirmative-Action (focus on character instead), Cut welfare programs by 80 percent over the next 15 years (politicians use welfare to buy people), Eliminate the use of race distinctions and cute terms like - minority (focus on Character instead), AND Fire 35 percent of government employees over the next 15 years (keep government small).

October 21 2010 at 11:41 PM Report abuse +1 rate up rate down Reply
Bryan Keown

They shouldn't be able to conduct any business in the United States.

October 21 2010 at 11:39 PM Report abuse rate up rate down Reply
krn66

maybe they can all go work for at&t, they have no idea what customer service is at at&t

October 21 2010 at 11:35 PM Report abuse rate up rate down Reply
69usmc73

Giving jobs to people that will do the work AMERICANS wom't do.

October 21 2010 at 11:22 PM Report abuse -2 rate up rate down Reply
Larry

Probably none. Nokias are made in Germany or Taiwan.

October 21 2010 at 9:02 PM Report abuse -2 rate up rate down Reply
pattypeaches235

I'm self employed, and the sky's the limit for me! Http://www.workathometipsandsecrets.info I love being to be able to make my own schedule!

October 21 2010 at 8:32 PM Report abuse -6 rate up rate down Reply