Nokia Oyj (ADR) (NYSE:NOK) Makes Its Way Out Of The “Slow-Moving” Virtual Reality Business

Nokia Corp

The stock of Nokia Oyj (ADR) (NYSE:NOK) closed at $5.92 and maintained the same position in yesterday’s trading session. The buzz surrounding the virtual reality market is enormous. But seemingly there is nothing big enough to shake up the groundbreaking Ozo VR video camera maker, Nokia.

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On Tuesday, Nokia outlined that the technologies division should right away start focusing on the digital health business stemming from its recent purchase of Withings. There is great need to shift focus away from Ozo. This is a ball of lenses which gives room for the various professional movie-makers to conduct shooting from all directions at the same time. Nokia has provided its explanation stating that it was the result of the slow development of the VR market.

The company’s focus on the future versions of the Ozo system is not as intense as it used to be. However, it intends to uphold its commitment to the various existing customers. It will be seeking out to license out its already developed technology. The realignment might end up costing Nokia Technologies about 28 percent of the division’s total headcount or up to 310 staff members. The jobs will go to the U.K, U.S and Finland.

Gregory Lee, the Nokia Technologies president opined, “Nokia Technologies is at a point where, with the right focus and investments, we can meaningfully grow our footprint in the digital health market, and we must seize that opportunity.”

The provider is well aware that the implemented changes might end up affecting a large number of its employees. However, it says that it will remain to be the responsible company it has been for ages and will be providing the needed support to all the affected persons.

The cutting down of the 310 jobs is a decision that has left a lot of people following on the company’s progress baffled. There are also some other companies which are posing competition to Ozo. However, there are reports indicating that indeed Ozo is the one with the greatest capabilities in this particular line.

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