Microsoft will give up the rights to release Nokia smartphones.
Microsoft intends to sell the rights to release smartphones under the Nokia brand to Chinese manufacturer Foxconn.
This decision is connected with the modest success of Microsoft in the mobile phone market in the first quarter of 2016, the company sold around 15 million Lumia devices.
It is also reported that the IT giant will cut 50% of their staff involved in the development and production of smartphones, and the appropriate Department will be restructured.
Microsoft owns the rights to release Nokia phones until 2024.
