Nokia has announced that it is to cut 300 jobs at its hard hit networks unit. The move comes in response to weak demand, which is sweeping through the industry, and is in addition to the 4,600 job losses at the unit in 2001.
The networks unit of the Finnish company has witnessed persistent weakness in the market and this has forced Nokia to cut its sales target for Q3. However, Nokia is maintaining its profit forecast as cost cuts and the launch of color screen handsets make their mark.
The job losses are somewhat unexpected, just last week CFO Olli-Pekka Kallasvuo said he did not anticipate further restructuring in the network division for now.