Nokia might give up on wearables
Less than two years after spending millions repositioning itself in the consumer health market, Nokia has announced a strategic review of its digital health business which will see 425 job losses in its home country of Finland. Nokia acquired French fitness tracker manufacturer Withings for $191 million in 2016 as part of its new digital health strategy WellCare, which is not dissimilar to Apple's HealthKit . The deal came amid a spate of acquisitions by Nokia, buoyed by investment from Microsoft following their Windows Phone agreement . But despite the company's confident move into the health market, it wrote down $175 million of goodwill on the business in the third quarter of 2017, which essentially means Withings' net assets weren't as valuable as Nokia initially thought. Nokia has tried to replicate Withings' previous accomplishments, but what works for a small French startup has clearly not worked for a conglomerate with expectations of huge success. And,...