Nokia has unveiled plans to sharpen its focus on digital health and accelerate growth in that market. The company said it will also focus on growing brand and technology licensing.
According to the company, the shift deepens its commitment to fully leverage its digital health portfolio acquired through the purchase of Withings in 2016. Through a more focused, more agile digital health business, the company said it aims to have a larger impact with consumers and the medical community.
The company also said it plans to reduce investments in virtual reality technology due to the slower-than-expected development of the VR market, and will focus more on technology licensing opportunities. The potential reductions are expected to affect up to 310 of the roughly 1,090 employees in Nokia Technologies, mainly in Finland, the U.S. and the U.K.
“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 Gregory Lee, president of Nokia Technologies. “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.”