Nokia plans to make job cuts

The company on Tuesday said that it would be making a series of moves within its markets and research center units. Of the jobs which could be cut, roughly 235 are located in the company's home country of Finland.

Nokia said that the moves were more due to its ongoing restructure than any economic factors.

"Today's changes are part of Nokia's constant renewal where it is important to be close to our customers and ensure that our people are able to focus on the key business priorities," said Juha Äkräs. Nokia's senior vice president of human resources.

"Also, our aim is to find alternative work within Nokia for as many employees as possible."

Most of the cuts will come from sales and marketing activities in its markets unit. Nokia said that some 450 employees could be affected by the cuts, with some 100 being based in Finland.

Much of the remaining cuts will come from the Nokia Research Center, which will see as many as 130 employees affected, including 100 in Finland.

The remainder will be among the 35 employees which could be cut globally as Nokia shifts its global process operations unit. Nearly all of those moves are said to be occurring in Finland.

Nokia has already over the current economic climate and today's announcement comes in the midst of a wave of cuts in both the consumer and enterprise technology markets.

Yesterday, Circuit City announced that it would be shuttering some 155 stores in the US, while Xerox and Yahoo announced thousands of job cuts in October.