Finnish telecom firm Nokia (NOK.NYSE, NOKA.AMS, NOK1V.HEL) is laying off staff and closing offices in an effort to restructure its China operations, The Wall Street Journal reported. The multinational is closing regional sales offices in Chengdu and Shanghai and laying off an unspecified number of workers, a Nokia spokesman said Friday. Nokia will expand its operations in Guangzhou and Beijing, its remaining offices in the mainland. The company announced in June that it planned to lay off 10,000 workers and shake up management in China. Olivier Peuch, Nokia president for the Asia Pacific region, said last month that the company will maintain its commitment to the market and “invest heavily” in China. Nokia’s market share of smart phones in China has declined rapidly from 30% in the second quarter of 2011 to 11% in the first quarter this year, losing ground to Apple (AAPL.NASDAQ), Samsung Electronics (BC94.LSE, 005930.KRX), ZTE (000063.SH, 0763.HKG) and others, according to data from Analysys International.
You must log in to post a comment.