It has fared even worse in the smartphone sector against Samsung and Apple by falling to third place in the first quarter of the year with sales of 12 million units against Samsung's 44.5 million and Apple's 35 million.
"Nokia is significantly increasing its cost reduction target for devices and services in support of the streamlined strategy announced today," said CFO Timo Ihamuotila. "With these planned actions, we believe our devices (and) services business has a clear path to profitability. Nokia intends to maintain its strong financial position while proceeding aggressively with actions aimed at creating shareholder value."
Last year, Nokia announced more than 10,000 layoffs, aimed at cutting operating expenses by €1 billion ($1.31 billion) by 2013. Thursday's savings aims come on top of those.
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