Nokia Corporation (ADR) (NOK) Lays Off 50 Workers

Nokia Corporation (ADR) (NOK) Lays Off 50 Workers
<a href="">Hermann</a> / Pixabay

There are several new tidbits about Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) this morning. The handset maker will lay off workers at its Fargo, N.D. plant. It is also making moves to increase its market share in Russia.

Nokia Corporation (ADR) (NOK) Lays Off 50 Workers

Layoffs At Nokia Corporation Plant

The Associated Press reports that Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) is eliminating 50 of the 300 jobs at its plant in Fargo, N.D. The plant is the base for the Nokia Here service, which is the company’s mapping service. Nokia Here makes maps and creates 3D renderings which are used on Nokia devices.

Despite 60% Loss On Shorts, Yarra Square Up 20% In 2020

Yarra Square Investing Greenhaven Road CapitalYarra Square Partners returned 19.5% net in 2020, outperforming its benchmark, the S&P 500, which returned 18.4% throughout the year. According to a copy of the firm's fourth-quarter and full-year letter to investors, which ValueWalk has been able to review, 2020 was a year of two halves for the investment manager. Q1 2021 hedge fund Read More

The plant was originally owned by Navteq, which Nokia acquired for over $8 billion in 2007. A spokesperson from Nokia said the layoffs are part of the company’s attempt to streamline operations in Fargo.

Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) is also taking steps to expand its market share in Russia. This morning WinPhoneLive reports that the Finnish handset maker has reduced the price of the Lumia 920, 720 and 620 in Russia.

The Lumia 920 goes to $634, the Lumia 720 falls to $439 and the Lumia 620 goes to $313 in the country. It has taken the Lumia 920 eight months to catch up with the price the 820 was offered at when it first launched.

Nokia is also bringing its music service to the Asha phone line, starting with Russia. Owners of the Asha 305, 306, 308, 309, 310 and 311 will be able to access the Nokia Music library, which contains more than 24 million tracks and its Mix Radio service. That’s according to a report on Times Live.

Nokia EOS And Tablet

Of course the rumors about the Nokia EOS also continue today. It was revealed last month that we could see the Nokia EOS on July 9. The device is expected to have a 41 megapixel camera and Nokia’s Pro Camera.

A report from Windows Phone Central’s Daniel Rubino indicates that it is already being tested at AT&T and that it’s codenamed “Elvis.” A separate report from Nokia Power User’s Kamal Mishra indicates that there is also a Nokia tablet being tested by AT&T at this time. That tablet could also be out in July.

No posts to display