Nokia Sheds Excess to Compete With Apple and Samsung
Nokia (NYSE:NOK) is withdrawing from a number of it’s non-core ventures to focus on “good opportunities” it claims to have.
One of Nokia’s big moves is the sale of it’s headquarters building in Espoo, Finland. The sale included 3 buildings and 1,250 parking spaces, and it brought in 170 million pounds for Nokia, which now leases the property as a tenant. The company has also worked out sales for it’s Vertu luxury phone unit and its QT app-tools unit. In addition, Nokia aims to cut 10,000 jobs by 2013 — 1,000 of which may be cut as early as Wednesday.
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These sales and cutbacks are part of Nokia’s plan to focus on its core business, increase profitability, and gain an edge of the smartphone market, which Apple (NASDAQ:AAPL) and Samsung (SSNLF.PK) currently dominate. Nokia will soon launch its Windows Phone 8-powered devices to compete with Android and iOS devices.
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