Nokia Oyj (ADR)(NYSE:NOK) is working on the specialized plans, which will help Nokia Technologies improve its focus on digital health, and boost growth in the respective market, while optimizing investments in VR.
Nokia Technologies will even focus on growing technology and brand licensing while keeping its successful patent licensing segment untouched. The move deepens company’s commitment to fully use its digital health portfolio bought through the acquisition of Withings in 2016. Using a more planned, more agile digital health operations, Nokia intends have larger impact with the medical community and consumers.
In digital media, the slower-than-anticipated advancement of the VR market indicates that Nokia Technologies intends to focus more on technology licensing prospects and reduce investments. The unit intends to stop advancement of further types of the OZO VR camera and hardware, while keeping commitments to existing consumers.
The prospective reductions are anticipated to affect up to 310 of the around 1090 staff in Nokia Technologies, primarily in Finland, the UK and the US. To start the procedure, the company has requested employee representatives of Nokia Technologies in Finland to collaboration negotiations.
Gregory Lee, the President of Nokia Technologies, reported that they are at a point where, with the right investments and focus, they can meaningfully advance their footprint in the digital health segment, and they must seize that prospect. While required, the changes will also impact their employees, and as a responsible firm they are committed to offering the required support to those affected.
In unrelated news, Nokia reported that it automates the fixed access network and unveils new capabilities with virtualized access base Altiplano to support extensive range of software-defined use cases. Its lightspan programmable access nodes lead new deployment practices for data center, central office and fiber/copper outside plant to build scalable and open access networks.