Microsoft purchased Nokia's smartphone business last year in a deal worth over $9 billion in an attempt to bolster its own smartphone division and develop a smartphone for businesses. Now, the company is basically admitting that the move was a total bust.
Microsoft will write down the value of the business it acquired by $7.6 billion and lay off nearly 8,000 employees. This comes after the company laid off over 15,000 employees last year.
The company will also take a restructuring charge of $750 million to $850 million, according to a press release.
These moves indicate that current Microsoft CEO Satya Nadella is all but done with the Nokia experiment started by former CEO Steve Ballmer.