This week Finnish technology company Nokia, once the world's largest manufacturer of mobile phones, announced they were cutting up to 10,000 jobs from its 90,000 strong workforce.
For Nokia this is the latest chapter after a tumultuous few decades. At the turn of the millennium Nokia was king of mobile phones, routinely selling more than 100 million handsets a year.
The advent of smartphones, and some unfortunate product recalls, saw Nokia — and many other manufacturers — lose market share spectacularly quickly to Apple and others. Despite that fall from grace, Nokia's legacy is remarkable; the company still holds 8 out of the top 10 slots for the most-selling mobile phone models and its 3310 model maintains a strong cult following for being completely indestructable.
What does Nokia do now?
Though Nokia's share price is just a shadow of its former self, the company has done a decent job of maintaining, and even growing, its other revenue streams. After selling its handset business to Microsoft in 2013, Nokia has focused mostly on its networks business and it's planning to use the savings from this latest round of job cuts to finance further investment into 5G, the latest generation of mobile networks. They also still sell a few phones, including a re-imagined version of their iconic 3310.
