Nokia to cut over 1,000 IT jobs

HELSINKI Thu Jan 17, 2013 3:14pm IST

A man using his mobile phone walks under a Nokia logo in Shanghai December 6, 2012. REUTERS/Aly Song/Files

A man using his mobile phone walks under a Nokia logo in Shanghai December 6, 2012.

Credit: Reuters/Aly Song/Files

Stocks

   

HELSINKI (Reuters) - Finnish mobile phone maker Nokia (NOK1V.HE) said it would cut over 1,000 information technology jobs as part of its restructuring plan aimed at stanching its cash bleed.

It said 820 employees will transfer to HCL Technologies (HCLT.NS) and Tata Consultancy Services (TCS.NS) while 300 jobs will be elminated altogether.

The latest cuts, mostly in Finland, are part of plans announced last June to cut 10,000 jobs gobally. The company has cut around a third of its workforce under Chief Executive Stephen Elop.

Once the world's biggest mobile phone maker, Nokia has fallen behind Apple's (AAPL.O) iPhone and Samsung's (005930.KS) Galaxy phones in the lucrative smartphone market.

Nokia shares were flat, while HCL shares rose 4.8 percent and Tata Consultancy shares rose 1.2 percent in Mumbai.

(Reporting by Terhi Kinnunen and Ritsuko Ando; Editing by Hans-Juergen Peters)

FILED UNDER:

Reuters Showcase

Land Ordinance

Land Ordinance

Modi says willing to make changes in land decree  Full Article 

Sahara Woes

Sahara Woes

SEBI cancels Sahara's portfolio management licence  Full Article 

Gold Demand

Gold Demand

India gold demand muted, eyes cut in import duty  Full Article 

Coffee's Hot

Coffee's Hot

IPO could value Cafe Coffee Day at $1 billion  Full Article 

Sahara Salaries

Sahara Salaries

Some staff say Sahara has not paid salaries for months   Full Article 

DLF Fined

DLF Fined

DLF says reviewing $8.4 million SEBI penalty  Full Article 

GM Corn

GM Corn

Monsanto says GM corn trial in final stage in India  Full Article 

Rail Budget

Rail Budget

Breakingviews - India goes back to future with $137 bln rail push  Full Article | Full Coverage 

Clean Energy

Clean Energy

India says clean energy a $160 billion opportunity over five years  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage