Nokia may dump its health tech business

As it stated in HELSINKI (Reuters) - Nokia phone doesn't see meaningful possibility for its "struggling" digital health business that includes activity trackers and smartwatches, according to an internal memo seen with Reuters on Wednesday. In its entirety, our Digital Health business has struggled to scale and meet its development expectations," Nokia's chief strategy officer Kathrin Buvac wrote in the letter to employees. As an premier move into the market, Nokia phone in 2016 purchased France's Withings, that makes activity trackers and thermometers, for 170 mn euros ($209 million). The Technologies business too released a virtual fact cam in 2015, however final year told it would halt the development of that product. Nokia final year generated discounds of 23.2 bn euros, of that 52 mn euros came from digital health and digital media.

Leaked Nokia phone memo: No path forward for digital health business

After extremely public crises with regulators forced Nokia phone to disable key features of its Body Cardio scale, a leaked memo obtained with The Verge detects that the company's strategic show of its digital health business shows the division probably in big trouble. Nokia's chief strategy officer Kathrin Buvac wrote that, "Rather than only falling in love with our technology, we have to be fair with ourselves. Currently, we don't see a path for [the digital health business] to become a meaningful fraction of a firm as big as Nokia." While the memo stops short of telling Nokia phone going to shutter its digital health business — that began in 2016 the time the firm acquired French startup Withings for $190 mn — Buvac told Nokia phone is this time looking to become "a business-to-business and licensing company."

Nokia may dump its health tech business

as mentioned in Has Nokia phone had sufficient of the health tech world? Nokia has had further than a few difficulties with its Withings purchase, ranging from output woes (including backlash over its redesign of the Withings health app, and the withdrawal of experimental features from its Intelligent scales) to financial troubles. Its multinational telecoms business makes up the bulk of its annual revenue, worth around €23 billion, and it has a deep bench of profitable tech patents. News of this latest strategic show was accompanied with further than 400 job losses. It seems Nokia's health business may be at death's door.

collected by :Roy Mark