Nokia Technologies announced on Tuesday that it is planning to cut down about 310 jobs and halt development of the OZO VR camera and hardware. The Finnish company said in a statement that it would focus on patent, brand and technology licensing, and digital health as they are witnessing faster growth.

"In digital media, the slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities," the statement read.

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The change in the company's plan is expected to affect Nokia Technologies employees mainly in Finland, United States and United Kingdom. Nokia has also said that it "has invited employee representatives of Nokia Technologies in Finland to cooperation negotiations."

Nokia
Reuters

"Nokia Technologies is at a point where, with the right focus and investments, we can meaningfully grow our footprint in the digital health market, and we must seize that opportunity," Gregory Lee, president of Nokia Technologies, said.

"While necessary, the changes will also affect our employees, and as a responsible company we are committed to providing the needed support to those affected," he added.

There are a total of about 1,090 employees in the Technologies unit, which means about one-third of them will be laid off.

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