Is Nokia a SINKING Ship?

The tough strain of competition and the need to cut costs has prompted Finland-based Nokia Siemens Networks (NYSE:NOK) (NYSE:SI) to cut a quarter of the company’s workforce.

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In the global mobile network equipment market, Nokia Siemens trails market leader Ericsson (NASDAQ:ERIC) and Chinese rival Huawei Technologies, who together account for close to 60 percent of the market share. As part of its global cost-cutting program, the company has begun massive restructuring:  narrowing its focus to its core business, equipment for cellular networks, and laying off workers. The company, a joint venture between Nokia (NYSE:NOK) and Germany’s Siemens AG (NYSE:SI), has struggled since its creation in 2007 to become profitable.

Today’s layoff announcement follows a decision made earlier this year to cut 2,900 jobs in Germany. Layoffs talks will begin next week in Finland, at which time 400 workers are expected to receive severance packages.

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