Nokia is laying off!

[moneysaver]

Nokia is a company that makes cell phones. Last year they sold 468 million phones. At this time they have 128,400 employees. Arja Suominen, a spokeswoman from Nokia said they are going to have to lay off 1,700 employees now to try to cut cost.

[dollardaze]

From what I've been reading about this subject, Nokia's layoffs will be worldwide with those being laid off from its sales force, marketing and some management positions. Nokia is saying the layoffs are necessary due to the falling demand for its smartphones, with a possible 10% drop in sales forecasted for this year. Earlier this year the company encouraged employees to take resignation packages and unpaid leave to help to cut costs, but with Nokia's smartphone market dropping almost 18% in the last year, the company feels that these layoffs are necessary to stay viable.

It's a shame that so many of these companies are having to lay off workers, but with sales being down so much, I can understand that they are trying to keep their heads above water too, just as many companies in the U.S. are doing. Nokia is still bringing out new products, so hopefully those products will do well enough that the company can bring those workers back again.