Nokia

It is unclear where the bulk of the cuts will fall, but it said about 96 jobs in the UK were under threat as part of the €600m (£518m) cost cuts.

Nokia is playing catch-up on 5G, and also plans to invest in cloud computing and digital infrastructure research.

The company currently has 90,000 employees around the world, and has cut thousands of jobs since 2015.

"We currently expect the consultation process in the UK to cover an estimated 96 roles," a Nokia spokesperson said.

The Ozo and its follow-up the Ozo+ had been marketed to professionals as being able to capture the "highest quality" 360-degree footage possible, and had been used by Disney among others.

But despite a recent price cut, the Finnish firm indicated that sales had been weaker than expected.

One expert said it reflected the fact that public appetite for VR content was still very limited.

In a statement, Nokia said it now planned to dedicate its efforts to developing smart health products instead, and would leave it to others to build on its work in VR.