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Nokia to ax 310 jobs, retreat from VR push

Nokia Corp. has unveiled plans to ax up to 310 jobs from its Nokia Technologies unit as the latter seeks to reduce investments in virtual reality.

The potential job cuts are expected to affect Nokia Technologies staff in Finland, the U.K. and the U.S. Nokia has initiated negotiations with employee representatives in Finland about the matter.

Nokia Technologies is halting development of its OZO VR camera and hardware, citing the VR market's "slower-than-expected development." The company is shifting focus to digital health and brand and technology licensing, while retaining its patent licensing business.

Nokia, which acquired digital health products maker Withings SAS, is also planning to slash 597 jobs from its operations in France by 2019-end.