Nokia's share price plunged three percent on the Helsinki Stock Exchange on Monday morning on the heels of the news.
The share price in the ailing mobile giant has fallen by just under 25 percent over the past month.
Last weekend, Nokia announced it would drastically reduce the price of its flagship Windows-based smartphone, the Lumia 900. The price has been slashed in half, with the phone now available for less than 50 dollars on contract with its US operator, reports The Wall Street Journal.
Last month, Nokia publicised plans for new restructuring measures within the company, which include slashing 10,000 jobs. The phonemaker is due to announce its second quarter results on Thursday.
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Jolla to sell new phone this year
A mobile firm founded by former Nokia employees is set to put a new smartphone on sale by the end of the year. The company, Jolla, was set up to continue working on an open source Linux-based smartphone when Nokia announced it was switching to the Windows Phone operating system.
Decline in church membership will cost jobs
In order to cope with decreasing membership, the Evangelical Lutheran Church will be forced to reduce its staff significantly in coming years. Many congregations are facing dire financial circumstances due to the reduction in the tax revenue that flows as a result of membership.
Finns Party women: Party is neither racist nor chauvinist
Both male and female representatives of the Finns Party claim that both their party and its leader are in favour of gender equality.
Vantaa bus drivers’ strike continues
Bus engines at the Veolia depot in Vantaa have been quiet for nearly one week, as bus drivers continue their work stoppage on Monday.
Rooftop blaze in Helsinki's Punavuori
A fire on Kankurinkatu in central Helsinki's Punavuori district attracted more than a dozen emergency rescue units. Residents were evacuated due to the rooftop blaze, which broke out around 5:00 am Monday.
The U.S. snatches bronze from Finland
Finland’s men’s ice hockey team lost the World Championship bronze match to the U.S. in a thriller that went into overtime and a shootout.
Son drowns, father missing after fishing trip
A son and father went fishing on Näsijärvi Lake in the Pirkanmaa region on Friday. The son was later found drowned, while the father is still missing.
Finland to toughen rape legislation
At present, Finnish legislation on rape is more lenient than in neighbouring countries such as Sweden and Norway.
Gaming industry draws foreign talent to Helsinki region
Turning to the electronic gaming industry, more and more foreign companies are interested in setting up branch offices in Helsinki. Finnish firms also employ many foreigners, with about one-third of workers at major gaming companies from abroad.
Unknown soldiers laid to rest on Memorial Day
As this is also Whit Sunday or Pentecost, many shops are closed.