By The Associated Press
PAYROLL CUTS: Nokia says it will slash 10,000 jobs and close plants. More than a third of the global job cuts, to be completed by the end of 2013, will be in Finland.
GRIM FINANCES: Nokia Corp. says heavy competition will continue to hit its smartphone sector, but to a "somewhat greater extent than previously expected." It says the downturn will continue in the third quarter.
THE BACKDROP: Nokia faces fierce competition from Apple Inc.'s iPhone and phone makers using Google Inc.'s Android. It is also being squeezed in the low-end by Asian manufacturers making cheaper phones.
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