TradingKey – Nokia slashes its Hangzhou R&D center and lays off 1,600 employees, sending its stock price tumbling over 3% and putting the $10 level at risk.

On August 18 ET, Nokia, the world’s second-largest telecom equipment manufacturer (NOK), saw its stock price head lower in U.S. pre-market trading, falling over 3% to trade at $10.43. On the news front, market rumors swirled that Nokia plans to close its R&D center in Hangzhou while laying off around 1,600 employees, implying near-term severance expenses, restructuring costs, and business transition uncertainty, which have placed downward pressure on the stock price in the short term.

Reportedly, Nokia is undertaking large-scale organizational restructuring and layoffs globally this…