Microsoft Is Finally Washing Its Hands Of Its Failed Nokia Venture
It only took three years and about $8 billion.By Ben Lawson | May 25, 2016
Microsoft plans to cut up to 1,850 jobs as it tries to move on from its failed efforts with Nokia and find a grip in the smartphone market.
Microsoft acquired Nokia in 2014. In the past two years, the company has laid off a massive number of employees, most of whom were related to its phone business and Nokia specifically. Microsoft also took a $7.6 billion hit, roughly the cost of the Nokia deal.
Now, Microsoft says it's scaling back its mobile phone business but that it isn't out just yet.