Nokia To Lay Off 1,700 Employees
Finnish phone maker Nokia, which has the largest slice of the global mobile market, said today it will lay off 1,700 workers worldwide, as the company copes with the recession.
Nokia's market share has fallen from 40 percent in 2007 to 37 percent now, which still keeps it as the No. 1 cell phone maker.
Still, falling handset prices and a sharp drop in discretionary spending have cut into the cell phone giant's profits.
The company also is planning on instituting leaves and sabbaticals as a way of cutting pay, and asking employees to take leave in lieu of overtime payment.
In December, cell phone maker Motorola froze executive pay and froze pensions to cut costs.
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