Nokia to abandon VR camera development, slash 310 jobs

Updated 2017-10-11 11:03:53 Xinhua

Nokia plans to halt development of its virtual reality camera "OZO" and reduce up to 310 employees, announced the Finnish IT giant on Tuesday.

"The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities," said Nokia in a press release.

The Technologies division is set to halt development of further versions of the OZO VR camera and hardware, resulting in slashing up to 310 jobs, which account for nearly 30 percent of the workforce in the division.

The company said that the job cuts will affect employees mainly in Finland, the United States and Britain.

The OZO camera, a 360-degree stereoscopic camera, was released in November 2015. Since then, its market price has dropped from 60,000 U.S. dollars to 25,000 dollars.

Nokia said it will continue to focus on digital health and patent and brand licensing business.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 23 2018 04:51:36

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 23 2018 04:51:36

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 23 2018 04:51:36

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords