In a move to further cut costs, Nokia says it will lay off up to 450 workers worldwide and streamline operations.
Nokia's share price dipped more than 2.5 percent to $13.34 in early afternoon trading in Helsinki.
The Finland-based company said the measures were part of previously announced plans "to adjust its business operations and cost base in accordance with market demand and to safeguard future competitiveness."
Earlier this month, Nokia reported that first-quarter net profit plummeted 90 percent and sales fell 27 percent as the world economic downturn continued to hit the mobile industry.
Last month, Nokia announced plans to lay off 1,700 people worldwide, mainly in devices and markets units, the corporate development office and global support functions. It said it also will close a research center in Finland with 320 job cuts and temporarily lay off 2,500 workers.
The company aims to slash costs at its handset unit by $920 million annually, and on Tuesday said it would continue "to seek savings in operational expenses, looking at all areas and activities across the company."
As of March 2009, AdMob reported Nokia’s controlling share of the handset market worldwide dropped 3.2 percent to 26.7 percent since December of 2008.
Nokia’s N70 finished fourth in the top five handsets worldwide in AdMob’s report, garnering 2.1 percent of requests. The iPhone took the top spot with 13.1 percent of requests.
In the same AdMob report, Nokia didn’t place at all among the top device manufacturers or devices in the United States.