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Nokia to cut 10,000 jobs

Finland-based mobile phone giant Nokia announced plans to cut an additional 10,000 jobs by the end of next year after profits fell in the second quarter of 2012.  According to Nokia CEO Stephen Elop, “These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia’s long-term competitive strength.”  The company is planning to close down facilities in Germany and Canada.  Nokia, which dominated the mobile phone market since the late nineties is under fierce competition from smartphone market manufacturers like Apple, Samsung and, to some extent, Blackberry maker RIM.  Earlier this year, it lost the title of world’s largest cell manufacturer to Samsung.

Read more on CNN and on Rappler