Things might not be so rosy over at phone-maker Nokia. The number-one handset maker in the world announced Tuesday that it plans to cut about 600 employees. Nokia cited a weakening worldwide economy and the presence of new competitors as the reason for its move. Reflecting the company's shrinking market share, hundreds of these people will come from its headquarters in Finland, and about 130 people who do long-term research at the Nokia Research Center will be shown the door as well. This announcement comes on the heels of Nokia's third quarter financial report, which showed a drop of 28 percent in earnings, and a drop of 5 percent in revenue compared to last year. The company isn't staying still either, in June Nokia announced that it will buy all of Symbian [1] and release the platform in an open-source model.

For more about Nokia's reduction of its workforce:
- check out this article [2] from NetworkWorld

Related Article:
Nokia to buy all of Symbian [3]