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Nokia is scrapping plans for future versions of its Ozo VR camera. Photo: Nokia

In an abrupt about-face, Nokia said Tuesday it will halt work on future versions of its Ozo virtual reality camera and cut up to 30 percent of the staff in its Nokia Technologies unit.

Why it matters: The VR market has been slower than expected to take off, resulting in several casualties. Intel said last month it was cancelling its Project Alloy reference design for VR headsets.

The background: Nokia, which these days is largely focused on network equipment, has maintained a separate unit to license the company's brand and patents, as well as to incubate businesses, like the VR camera. The company said it is pushing forward with digital health, its other big incubation effort.

"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, the former Samsung executive who serves as president of Nokia Technologies.

The move could result in the reduction of up to 310 of the roughly 1090 jobs in the Nokia Technologies unit.

Go deeper: Nokia CEO Rajeev Suri spoke to Axios last month about his long-term plans to grow Finland's best known tech name.

Go deeper

Updated 54 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. State of play: New coronavirus cases down, but more bad news ahead.
  2. Politics: Biden set to immediately ramp up federal pandemic response with 10 executive actions — Scoop: Joe Biden's COVID-19 bubble.
  3. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.
  4. Vaccine: Amazon offers to help Biden administration with COVID vaccine efforts.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
3 hours ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.