Nokia Failure Triggers Massive Microsoft Layoffs in Finland

Nokia HQ in Espoo, Finland

In a statement issued Wednesday, Microsoft said that  an ‘impairment charge’ of 7.6 billion US dollars (6.87 billion euros) would be added to its books to cover the massive losses associated with its takeover of Nokia and will be laying off 7,800 current staff.

Last summer Microsoft laid off just over 1000 Finnish employees.

Microsoft acquired Nokia in 2013 as part of its strategy to compete with Apple and Google. In 2011 Nokia’s then-CEO Stephen Elop abandoned Nokia’s own mobile OS Symbian and MeeGo and adopted Microsoft’s OS.

Written By
More from Editor

Bill Browder on Sergei Magnitksy in Toronto

Anti-Corruption campaigner, investor and author of New York Times best seller, Red...
Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.