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Nokia cuts jobs after killing its $60,000 OZO VR camera

For the past few years, it has been a bumpy ride for the Finnish giant, Nokia, the lowest point being it selling off the once iconic mobile division to Microsoft – who later wrote it off as a damp squib – to the highlight when the company outpaced rival Ericsson in the first quarter of this year. The upswing was thanks to a recovering network infrastructure market, buoyed by the company acquiring Alcatel-Lucent for 15.6 billion euros last year.

It was only two years ago that Nokia announced the Ozo camera system and positioned it as a high-end option for filmmakers to capture 360-degree video. The camera originally sold for $60,000, though the price was eventually cut to $45,000. In a press statement, Nokia said it will “maintain commitments” to existing Ozo customers, though did not clarify what that means.

It marks a huge shift for the company, which could mean laying off staff as it reduces investments in virtual reality and redirects efforts into other projects. The Finnish company said it will now be focusing on becoming a leader in the health tech space following its buyout of Withings last year.

“Nokia Technologies is at a point where, with the right focus and investments, we can meaningfully grow our footprint in the digital health market, and we must seize that opportunity,” said the company’s president, Gregory Lee, in a statement.

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