Nokia (NYSE:NOK) is withdrawing from a number of it’s non-core ventures to focus on “good opportunities” it claims to have.
One of Nokia’s big moves is the sale of it’s headquarters building in Espoo, Finland. The sale included 3 buildings and 1,250 parking spaces, and it brought in 170 million pounds for Nokia, which now leases the property as a tenant. The company has also worked out sales for it’s Vertu luxury phone unit and its QT app-tools unit. In addition, Nokia aims to cut 10,000 jobs by 2013 — 1,000 of which may be cut as early as Wednesday.
Catalysts are critical to discovering winning stocks. Check out our newest CHEAT SHEET stock picks now.
These sales and cutbacks are part of Nokia’s plan to focus on its core business, increase profitability, and gain an edge of the smartphone market, which Apple (NASDAQ:AAPL) and Samsung (SSNLF.PK) currently dominate. Nokia will soon launch its Windows Phone 8-powered devices to compete with Android and iOS devices.
Don’t Miss: More Good News for Apple.