The poor state of the economy isn’t good news for anyone, not even the world’s top cellphone maker Nokia. The Finland based company has recently announced that they have been forced to cut 490 positions bringing the total number of layoffs for this year alone over 4,000.

Nokia hopes that saying goodbye to these employees will help them reach their goal of cutting annual costs totaling almost $1 billion. With the cellphone market expected to shrink by 10% this year it’s probably in Nokia’s best interests to introduce such layoffs as unfortunate as it may be.

Read (Reuters)

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