Nokia Plans To Cut 3% Of Employees

So the recession is over, is it CNN?  Nokia, the unequivocal leader in cell-phone manufacturing and sales the world over, has decided to cut 1,800 positions within the company in light of Q3 earnings reports, despite beating analyst views. According to, CEO Stephen Elop was quoted as saying, “This is clearly a time of disruptive change”, no doubt in reference to the dramatic market footprint of Apple’s iPhone and the explosive rate of growth that is Google’s Android. Hit the jump to find out who (Probably you) will be looking for work soon.

During the aforementioned conference call, Elop described the cuts as an attempt to achieve “greater efficiency across the organization.”  What’s that mean to remaining Nokia employees?  Overtime!  Say good-bye to your family!  Call your coke dealer from that one year back in college.  You know, the year you made straight A’s and worked a full-time job selling oregano to middle-schoolers.  Yeah, that guy (Can I get his number?). went on to describe a bunch of market data that I couldn’t be bothered to interpret, so here’s a quote:

Nokia reported Q3 revenue of 10.27 billion euro, or $14.4 billion, above analyst estimates for 10.1 billion euro and up 5% from the year-earlier quarter.

Earnings per share of 0.14 euro, or 19 cents, topped the 0.10 euro, or 14-cent, consensus estimate of analysts polled by Thomson Reuters, but fell 18% from a year ago.

Nokia’s share of the global smart- phone market fell to 34.4% in the third quarter from 38% in the second, says a report released Thursday by research firm Strategy Analytics. Apple’s share rose to 14% from 8.4%. The “other” category, which includes all Android phones, rose to 24% from 19%. RIM fell to 16% from 18%.

Nokia was shipping three times more smart phones than Apple last year, but that’s fallen to 2-to-1, Strategy Analytics said in its report.

(Seriously, what’s his number?)


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