Nokia Corp. said on Tuesday it plans to cut up to 310 people from its Nokia Technologies division and suspend the development of virtual reality cameras “OZO” and hardware.

Nokia OZO

The slowdown in the development of the VR market means that Nokia’s technology sector will cut its investment and focus more on technology licensing opportunities, said Nokia. It will continue to focus on digital health as well as patent and brand licensing.

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It is understood that Nokia in the summer of 2015 released OZO, and from November that year began to accept the booking, priced at up to 60,000 US dollars (about 39 million yuan). OZO built-in 8 simultaneous shutter sensors and 8 microphones to shoot stereoscopic 3D video for professional film production.

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Nokia Tech has about 1090 employees, and the layoffs are expected to affect employees in Finland, the United States and the United Kingdom. As of the end of June, Nokia has about 102,000 employees worldwide.

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Nokia is now in main business of telecommunications network equipment. The company launched VR camera OZO last year as its first digital media business equipment, and as a new hope to promote future growth.

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Anam Faruqui
A computer science graduate who loves the power of words. Loves to share opinions on tech release. Being a CS graduate she loves to share her experience in the field of blogging and SEO

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