Nokia admits virtual reality isn't booming, cuts 310 jobs
11 October, 2017, 00:33 | Author: Darren Santiago
Nokia's main business is now telecoms network equipment and had launched the camera a year ago for its digital media business, one of the new hopes for future growth of the company. Nokia announced that it would no longer be investing in the OZO brand. Nokia Technologies, however, will be maintaining commitments to existing VR customers.
The layoffs will affect up to 310 of the roughly 1,090 Nokia Technologies employees, mainly in Finland, the USA, and the United Kingdom, the company said.
Instead of chasing VR, Nokia Technologies will double down on digital health, focusing investments on Withings, the French smartwatch and medical-device maker in 2016.
Since, the VR market failed to grow at a pace that Nokia expected it to, along with rivals making cheaper alternatives, Nokia's decision appears sensible. The camera has eight synchronised 2Kx2K sensors for the video sensor array, full spherical 360×180 degrees coverage with a 195-degree angle of view per lens, and full spherical, 360×360 degree audio capture. Nokia will also continue its work in developing 5G networking infrastructure and the Internet of Things.
In a sign that the virtual reality (VR) industry is experiencing growing pains, Nokia announced today that it's stopping development of its Ozo VR camera and hardware.
Finnish tech firm Nokia is cutting up to 190 jobs in Finland. Nokia has also said that it "has invited employee representatives of Nokia Technologies in Finland to cooperation negotiations". Altogether the company plans to shrink its workforce by some 310, with redundancies in the United States and UK as well. Lee, who previously served as Samsung North America's CEO, was hired just four months back as Nokia's new global president.
Nokia's patent business is a successful core part of the business, and so will be left untouched, likely to the relief of investors.
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