Nokia Technologies is ditching virtual reality and a quarter of workforce with 310 job losses in UK, US and Finland

 
Lynsey Barber
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Nokia's Ozo VR camera won't be developed further (Source: Getty)

Nokia is ditching development on virtual reality and cutting more than a quarter of its workforce.

The now non-phone making Finnish tech firm is doubling down on its efforts in wearables and health instead, it announced today.

The 310 jobs will go in the UK, US and Finland.

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It's turn away from VR comes amid the predicted growth in the industry. The most recent figures peg it to be worth £12bn by 2021 Nokia said the "slower-than-expected" development of the market was behind the decision.

It will no longer create new versions of its OZO VR camera and hardware, but will provide support for existing customers.

"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 Nokia president Gregory Lee.

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"While necessary, the changes will also affect our employees, and as a responsible company we are committed to providing the needed support to those affected."

Nokia acquired the healthtech firm Withings last year in a €170m deal.

Nokia phones are now made by HMD Global under a licensing agreement.

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