Nokia announced 10000 jobs cut

This is really a bad news for Nokia which announced 10000 jobs cuts. When you start to cut this much position it means that the company is really in trouble.

Here some comment from Tomi:

“The worse news is the guidance about Q2 profit warning and Q3 smartphone sales problems, that was hidden in the story about layoffs. So before, in Nokia’s profit warning, Nokia said it will have problems with the handset unit profitability (producing a loss) in both Q1 and Q2. The losses for handsets in Q2 were supposed to be similar to Q1 ie -3%. Now we hear that Q2 losses will be bigger than 3%. This is VERY BAD NEWS. It really means that Nokia is falling into the hole and the rate of the fall is only increasing.”