Nokia is halting development of the Ozo virtual reality camera

In a surprising statement, Nokia has halted development of the Ozo VR camera, laying off 310 employees, due to slower than expected development of the VR market.

Translation, “Sales are way down, mainly due to competitive pressure and the high price of the Ozo.”

Here’s the official word:

“In digital media, the slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities. The unit aims to halt development of further versions of the OZO VR camera and hardware, while maintaining commitments to existing customers.

The potential reductions are expected to affect up to 310 of the roughly 1090 employees in Nokia Technologies, mainly in Finland, the US and the UK. To start the process, Nokia today has invited employee representatives of Nokia Technologies in Finland to cooperation negotiations.

“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, president of Nokia Technologies. “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.”