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Layoffs Continue to Mount

Stocks in this article: ATVPEPHPIBMAVPSHLD

NOKIA

Some 4,000 workers are getting cut at Nokia (NOK) as the company looks to bring more of its manufacturing business to Asia.

On Feb. 8, the company said it will cease production of handsets in Hungary, Mexico and Finland and ramp up production at factories in Beijing, Masan and South Korea. The company has announced more than 14,000 job cuts after pairing with Microsoft to compete against Apple in smartphone market share.

Some 2,300 workers will be laid off in Komaram, Hungary, 700 in Reynosa, Mexico and 1,000 in Salo, Finland, where Nokia runs its oldest factory.

China already makes up about a third of Nokia's output. The company is looking to expand operations in Asia, including by building a plant in Vietnam and in Dongguan, China. Apple assembles its smartphones in China.

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