Nokia Corp. (NYSE:NOK, Stock Forum) mobile phone manufacturer announced 10,000 job cuts on Thursday and issued its second profits warning in nine weeks.
Nokia has been unable to dent Apple and Samsung's dominance in the smart phone market.
Many people are saying Microsoft will acquire Nokia. The US software company's prospects are closely entwined with Nokia's because they are the only company attempting to sell phones operated by Microsoft Windows Phone interface.
The company is working towards Windows Phone 8, the next version of the operating system and the first that Nokia has helped design.
Nokia announced it will be closing down the Salo factory, the last in their home country of Finland. Nokia’s future strategy will now be concentrating on America, China, the UK and larger European economies.
On Thursday Nokia was trading for $2.36 a share. The company has a market cap of 8.8 billion based on 3.7 billion shares outstanding. The 52-week high and low is $7.38 and $2.61 respectively