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Nokia to axe another 10 000 jobs

Nokia has announced it will cut another 10,000 jobs globally and close its only plant in Finland.

Finnish mobile phone maker Nokia also warned the second-quarter loss from its mobile phone business would be larger than expected.

This brings the total planned job cuts at the group since Stephen Elop took over as chief executive in 2010 to more than 40,000.

"These changes underline the seriousness of the challenges Nokia is facing, particularly in light of the eye-watering competition from Apple and Samsung," said Ben Wood, head of research at CCS Insight.

Nokia has said that it would book additional restructuring charges of around 1 billion euros  by the end of 2013, while restructuring-related cash outflows would be around 650 million euros in the remaining three quarters of 2012 and around 600 million in 2013.

Nokia stock has crashed more than 70 per cent since it announced in February 2011 that it was dropping its own Symbian smartphone operating software and switching to Microsoft's largely untried Windows Phone system.

The company also said it would sell luxury phone business Vertu to venture firm EQT.

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