Nokia decided to cut up to 310 jobs, stops VR camera development

Nokia Company has announced on Tuesday, that the company plans to fire up to 310 employees form its Nokia Technology Unit and also stops the development of its virtual reality camera “OZO” and hardware.

Currently, 1,090 employees are working in the Nokia unit and potential cuts are expected to affect the rest of the staff in Finland, Britain and United States. Nokia has appointed 102,000 employees as of end-June.

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“The slower development of the virtual reality market means that Nokia has decided to reduce investments and focus more on technology licensing opportunities,” it said in a statement.

According to the Nokia officials, the unit will continue to focus on digital health and brand licensing business. Nokia’s main business is now telecoms network equipment and had launched the camera last year for its digital media business, one of the new hopes for future growth of the company.

The virtual reality camera was designed for making 3D movies and games that can be watched and played with virtual reality handsets. Nokia has cut the price of the virtual reality camera by 25 percent to $45,000 later this year.