Finnish mobile phone company giant, Nokia, is to layoff 1,800 of its workers. While releasing a report on its net profits for the months leading to September of 529million Euros translating to $741 million or 471 million pounds, the company made the announcement. At the same period the company’s loss stood at 559M Euros.

Selling over 110 million phones in a year, Nokia remains the largest handset maker in the world and to add to its might has gone up by 2% from last year.

The new phone maker manager, Stephen Elop, is of the view that the company needed to take its rightful place in the mobile phone industry. Formally working at Microsoft, Mr. Elop, is the first non-Finn to head the company after taking office only a month ago.

The reason for the retrenchments was that the company was facing a disturbing era and had no option other than rechecking its role in the industry. He also went ahead and warned he was afraid but the company’s market share was to shrink.

In the market on the sale of smartphones, the markets fastest growing group had gone up by 61 percent to 26.5million units from last year. The company’s greatest rivals remain to be Apple’s iPhone and all mobile phones using Google’s operating system.

He remained upbeat the company was ready to face its challengers and remain afloat in the market.

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