Nokia dominated the world of phones in the early 2000s when landlines and mobile "chocolate bar" and flip phones were found in almost every household, and smartphones were nothing but a distant dream. The Finnish telecom company has since lost its spot among Samsung Galaxys, Apple iPhones and other high-tech phones, and carved out a niche for itself in the network equipment and licensing space instead.
Now, after experiencing a dramatic fall in third-quarter profits, Nokia said that it would undertake cost-cutting efforts including laying off as many as 14,000 people to “address the challenging market environment.”
