NOKIA CUTS 4,000 JOBS
Finnish mobile phone maker Nokia announced that by the end of this year, it will cut 4,000 job at plants in Hungary, Mexico and Finland.
The company is planning to shift its focus back on customizing phones and move the assembly factories to South Korea and China, where its component suppliers are located.
The cuts come two weeks after the Finnish firm posted a 1.08 billion euro, around 1.4 billion US dollars, for the three months to the end of December 2011.
Nokia, formerly the worlds largest mobile phone maker, has been suffering from serious loss amid fierce competition from Apple and Samsung.
Nokias net sales fell 21% on a year earlier to 10 billion euros and net sales of its mobile phones were down by 25%.
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