Nokia is planning to slash up to 300 jobs in Nokia Technologies, mainly in Finland, the US and the UK. The company is also halting development of its virtual reality camera OZO that was announced in 2015.
Nokia said it plans to sharpen the focus of Nokia Technologies on digital health, and accelerate growth in that market, while optimizing investments in virtual reality (VR). Nokia Technologies will also focus on growing brand and technology licensing while leaving its successful patent licensing business untouched.
The OZO VR camera was launched for $60,000 in December 2015 following which it received a price cut to $45,000 in April last year. It is capable of shooting 360 degree photos and videos through eight synchronized global shutter sensors and spatial audio through eight integrated microphones.
Nokia Technologies president Gregory Lee in the statement,
Nokia Technologies is at a point where, with the right focus and investments, we can meaningfully grow our footprint in the digital health market, and we must seize that opportunity. While necessary, the changes will also affect our employees, and as a responsible company we are committed to providing the needed support to those affected.