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Nokia has Cut 310 Jobs and Halted Their VR Camera Project

If you were excited about a VR camera from Nokia, you may not want to hold your breath.

On Tuesday, the company said it was cutting 310 jobs and halting development of it's VR project, 'OZO.' OZO was made with 3D movies and games in mind, and its price was cut 25% to $45,000 later last year.

The job cuts come from its Nokia Technology unit, which employs about 1,090 people. Employees in Finland, Britain, and the U.S will be affected. "The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities," Nokia said in a statement. The company will continue to work with digital health and patent and brand licensing business.

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