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JOB CUTS: Nokia to cut 10,000 jobs

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NEW YORK (CNNMoney) — Nokia said Thursday it will cut up to 10,000 jobs worldwide by the end of next year, part of an accelerated cost reduction program at the Finnish cellphone maker.

U.S. shares of Nokia fell 9% in premarket trading.

“These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia’s long-term competitive strength,” said Nokia CEO Stephen Elop, in a statement.

As part of its cost reduction efforts, Nokia plans to close research and development facilities in Germany and Canada.

Nokia said it plans to focus more on the development of its Lumia phone. The Lumia, which uses a Microsoft operating system, is Nokia’s attempt to take on Google and Apple in the cellphone market.

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