Nokia Multimedia to cut up to 350 R&D jobs
Overall development for games, music, media still on track.
Nokia's Multimedia Business Group revealed yesterday that it will "streamline" global research and development activities, which means it will cut up to 250 R&D jobs in Finland and another 100 or so worldwide, company officials told the Financial Times. Nokia's goal is to cut R&D expenses down to 9-10 percent of net sales by the end of 2006. Layoffs will take place slowly over 2005, and the N-Gage producer also plans to stop development of more-specialized products, such as phone-independent cameras, music units, and image-ware necklaces. Anssi Vanjoki, executive vice president of multimedia for Nokia, said the announcement does not change the company's overall multimedia plans: "While games, music and media are still in a more early development phase, we continue to see great potential also in these areas."
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