Cell phone maker, Nokia plans to cut 1,700 jobs due to the sluggish sales in al the global markets. The jobs cuts will affect the devices and markets, corporate development office and global support functions.

Earlier in February, Nokia has announced that it will temporarily layoff at least 20 percent to 30 percent employees in one manufacturing unit and close at least one of its research and development site.

According to the fourth quarter results, sales of Nokia dropped by 19 percent or $ 16. 5 billion in 2008. The profits fell by 69 percent and another 10 percent slide is expected in this current year.

With the smartphones of Nokia not doing all that well either, the cell phone maker has lost a major chuck of its profits from this segment. The market share of Nokia dipped from 49.4 percent in 2007 to further 43.7 percent in 2008. Cost cutting measure which was only anticipated is already on its ways, with 1.700 jobs being cut. The consumers are less likely to buy new cell phones. Experts opine that Nokia’s competitors in the Smartphone segment like Apple’s iPhone or BlackBerry phones are likely to face low sales volumes in 2009.