Finnish mobile phone giant Nokia has announced it will cut 1,700 jobs due to falling handset demand.

In Q4, the company's sales dropped 19 percent, and Nokia is forecasting a 10 percent decline in revenue for 2009, with its smartphone sales being the most affected. In Q4 2008 the outfit sold 15.5 million smartphones, down from 18.7 million year-on-year, and its smarphone market share dropped 10 percent during looking at the same period.

This is Nokia's second job cut in recent months, and its market capitalization has dropped 55 percent in 2008.

More here.