The OZO camera, a 360-degree stereoscopic camera, was released in November 2015. Nokia plans to double down on its presence in the digital health market, which it has occupied since its takeover of Withings was completed earlier in 2017. It's capable of capturing stereoscope 3D through eight synchronised, optical image sensors and spatial audio via eight microphones.More news: Las Vegas shooter reportedly researched Boston concerts
It's turn away from VR comes amid the predicted growth in the industry. The Finland-based company, however, did say that it wants to "optimise" the investment in the VR, but maybe not by developing a VR product.
Nokia's OZO multi-camera virtual reality device also sported a hefty price tag that likely only attracted deep-pocketed developers investing in the technology. The company said it has invited employee representations from its Finland business to engage in cooperation negotiations.
Nokia Technologies will slash 310 jobs as part of its strategy to reduce investments and focus more on technology licensing opportunities in VR market. Currently, the unit has about 1,090 employees and the layoffs literally translate to 30 percent cut down to the workforce. Lee, who previously served as Samsung North America's CEO, was hired just four months back as Nokia's new global president.