YIKES

Nokia Slashes 10,000 Jobs

One out of every five to be laid off.

After a worse-than-expected quarter, Nokia announced on Thursday that it would be cutting 10,000 jobs—about one in every five positions. Hit hard by rivals Apple and Samsung, Nokia also cut its earnings outlook for the third quarter. To compete in the ever-growing global cellphone business, Chief Executive Stephen Elop is pinning all his hopes on the Lumia phone, which uses Microsoft software—but sales have been sluggish to start. Shares in the Finnish-based Nokia were down 10.5 percent on Thursday, below the psychologically important 2 euros per share—with analyst Mikko Ervasti saying there is “no definitive bottom” for the share price to reach.