Nokia Oyj to Cut 10,000 Jobs-Reuters

Reuters reported that Nokia Oyj plans to cut 10,000 jobs globally while it warned the 2012 second-quarter loss from its cellphone business would be larger than expected. The cuts, which include the closure of the Company's only plant in Finland, bring total planned job cuts at the group since Stephen Elop took over as Chief Executive Officer in 2010 to over 40,000. The Company would book additional restructuring charges of approximately EUR 1 billion (USD 1.3 billion) by the end of 2013. The restructuring-related cash outflows would be approximately EUR 650 million in the remaining three quarters of 2012 and approximately 600 million in 2013.