Nokia has announced today that it plans on slashing as many as 450 jobs worldwide in an attempt to reorganize its service units and rack up savings. The frugal move is scheduled to target those employed in North America and Europe, with up to 100 terminations in Finland alone. The services unit is responsible for developing Internet based services for mobile phone users, such as map and game applications. The world's top cell phone maker has announced more than 3,000 job cuts since the start of the year as an on-going plan to reduce spending.
It also reported an unfortunate 90% decrease in first-quarter net profit to €122 million. Nokia blames the slump on a decreasing number of mobile customers and the economic downturn causing people to purchase less costly devices. Chief executive Olli-Pekka Kallasvuo believes that it is still too early to surmise that end-consumer demand has sunk to the bottom, as there have been signs of improving market conditions.