(MENAFN) Finnish cellphone maker Nokia unveiled plans to lay off one in five jobs around the world, as it loses market share to rivals Apple and Samsung and burns through money, Reuters reported.
The move, which will result in about 10,000 job sheds, includes the closure of Nokia's only plant in Finland. It brings the total planned cuts at the group since Stephen Elop took over as CEO in 2010 to more than 40,000.
The move will also result in further costs of about USD1.3 billion by the end of next year.
Nokia recently warned that its phone business would post a deeper-than-expected loss in the second quarter as it struggles to keep up with the smartphone leaders Apple, Samsung and Google.
Elop is betting on a new range of smartphones called Lumia for a turnaround. So far, Lumia sales have been slow, disappointing investors.
Nokia also said restructuring-related cash outflows would be around USD820.8 million in the fourth quarter of 2012 and around USD757.7 million in 2013.
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