Embattled mobile phone maker Nokia Corporation ( NOK ) on Thursday announced it would cut 3,500 European jobs as part of its ongoing restructuring efforts.
CEO Stephen Elop commented, "Europe is core to Nokia's future. In addition to our headquarters, we have a strong R&D presence in Europe. We have four major R&D sites in Finland and two major R&D sites in Germany, as well as Nokia Research Centers and other supporting R&D sites in Europe. Nokia also retains a strong local presence in our many sales offices throughout this region, as well as our operations in Salo and Komarom."
The new layoffs are expected to take effect by the end of next year, and include the closure of a factory in Romania.
Nokia shares rose 23 cents, or +4.1%, in premarket trading Thursday.
The Bottom Line
Shares of Nokia ( NOK ) have a 9.38% dividend yield, based on last night's closing stock price of $5.55. The stock has technical support in the $4-$5 price area. If the shares can firm up, we see overhead resistance around the $6-$7 price levels.
Nokia Corporation ( NOK ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.5 out of 5 stars.
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