Nokia Cuts Jobs Due To Reduced Demand

No matter how big and popular the company, it’s going to feel the effects of the global credit crunch, it’s only a matter of time. Next up we have an announcement from Nokia that it will be cutting 1,700 jobs in the corporate development and global functions departments. The reason given was that there was a reduced demand for its products worldwide, which means that Nokia certainly isn’t enjoying this current economic crisis. Shares of Nokia dropped 2.6% in Helsinki after the announcement was made. Hopefully Nokia will be able to ride out of this economic turmoil unscathed.