Nokia slashes 1,700 jobs due to "pruned" demand

Finland-based Nokia has just announced that they will cut 1,700 jobs in the corporate development and global functions departments. These cuts will equal about 1 percent of Nokia's entire workforce, and are more than double in number than earlier reports suggested. The company says that the cuts are being driven by "pruned" worldwide demand for its products. Shares of its stock fell 2.6 percent in Helsinki trading after the announcement, while our hopes and dreams fell just 1 percent. Onward and upward, dear Nokia!