That insane expensive 360-degree OZO camera aimed at professional content creators is left without a sequel, and the "slower-than-expected development of the VR market" on the whole makes Nokia Technologies "reduce investments" in this field, directing its increased attention instead to various "technology licensing opportunities".
Since the split, Nokia Technologies has dabbled in a variety of areas, including handset design (but not manufacturing), patent licensing and digital health.
The job cuts are expected to affect teams in the UK, Finland, and the US.
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The decision came at the same time as its purchase of wearables firm Withings, which it has since relaunched this summer, and a year after the launch of its 360 VR camera, the OZO. Alas, things didn't go as well as the company wanted despite not having to compete with a plethora of VR goggles - it's halting Ozo's development and cutting up to 310 jobs in the process.
There's good news for existing OZO users, however, as Nokia promises that existing commitments will not be impacted.
The company said that the slower-than-expected development of the VR market in digital media means it will reduce investments there and focus more on technology licensing opportunities. Nokia says it needs to focus less on VR products and more on "technology licensing opportunities", in other words, patent licensing deals, alongside an "increased focus on digital health and brand and technology licensing". "While necessary, the changes will also affect our employees, and as a responsible company we are committed to providing the needed support to those affected".