This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Nokia Cuts 4,000 Jobs in Europe

NEW YORK ( TheStreet) -- Finnish handset maker Nokia (NOK - Get Report) said on Wednesday it plans to slash 4,000 jobs in Europe as it shifts manufacturing to Asia.

The cuts, which come on top of an additional 10,000 layoffs the company made last year, will come at factories in Finland, Mexico and Hungary.

Nokia is hoping the layoffs will allow it to better compete with rivals Apple (AAPL) and Google (GOOG) in the smartphone race. The company has been slowly losing mobile market share in the last several quarters, as its slice of the smartphone pie declined to 26.6% during the fourth quarter of 2011 from 30.7% in the same period a year prior.

Nokia is also hoping that shifting its phones from the Symbian platform to Microsoft's (MSFT) Windows Phone will boost sales. Its highly anticipated Lumia handset, running on Windows Phone, was released late last year and the company said it has sold over 1 million devices.

Other handset makers beside Nokia are undergoing drastic change to stay relevant.

Research In Motion (RIMM) last month announced that co-CEOs Jim Balsillie and Mike Lazaridis had stepped down as the Blackberry maker tries to reinvent itself.

The company's stock has declined nearly 75% in the last year as it deals with the impact of large enterprise customers like Halliburton (HAL) and J.P. Morgan (JPM) letting employees bring their own mobile devices to work, rather than forcing them to use the industry-standard BlackBerry.

--Written by Olivia Oran in New York.

>To follow the writer on Twitter, go to

>To submit a news tip, send an email to:

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
NOK $8.11 0.37%
AAPL $128.90 -0.15%
FB $79.75 0.00%
GOOG $570.49 -0.15%
TSLA $197.32 0.00%


DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs