Nokia admits virtual reality isn't booming, cuts 310 jobs

Nokia admits virtual reality isn't booming, cuts 310 jobs

Nokia said that though it will no longer develop future versions of the OZO camera and hardware, it will maintain commitments to existing customers.

The Ozo VR camera was Nokia's first product after the sale of its handset business to Microsoft.

While Microsoft did acquire Nokia's mobile arm a couple of years ago, the company has managed to live on in Finland, the U.S. and United Kingdom by working on other projects.

The camera was not really aimed at the everyday user (not that the price gave that away or anything) but rather filmmakers who needed a high-end camera to capture 360 degree video. Nokia is clearly betting that it can reap the rewards of a digital health market that may be maturing more quickly but also faces serious challenges of its own. According to the official statement released by the company, the current rate of growth within the VR market which is lower than Nokia's expectation is the main reason behind the halt.

Nokia Pulls Out of 'Slow-Developing' Virtual Reality Business
Nokia drops out of VR market, halting next-gen OZO camera development

In healthcare, Nokia unveiled two new devices in June and rebranded Withings, the company it acquired past year. Some of those who lose jobs may find roles at Varjo, a company set up by former Microsoft and Nokia employees and who are now working on developing high-density VR displays.

Nokia is cutting 310 jobs as part of a restructure at its Technologies arm and is hiring two senior execs as it looks to make good on a promise to focus on the enterprise market. Nokia has also said that it "has invited employee representatives of Nokia Technologies in Finland to cooperation negotiations".

The VR-enabled camera was sold at United States dollars 45,000, although the original price was quoted as USD 60,000.

May to insist ball is in Europe's court as Brexit talks resume
Meanwhile, a Customs Bill will legislate for a new "stand alone" customs regime after Brexit , regardless of any deal with the EU. Jensen said: "In any political negotiations, there is not enough time , not enough money, not enough this, not enough that".

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