Nokia (NOK) Sells Off Assets To Offset Losses

As mounting losses deplete cash, Nokia Corporation (NYSE:NOK) has turned to selling off assets it feels are no longer core to its operations.

In announcements today, Nokia Corporation (NYSE:NOK) has sold a clutch of about 500 patents to Vringo, a U.S. firm that deals in mobile technology and intellectual property. Separately, Nokia Corporation (NYSE:NOK) also sold its Qt software operations to Finnish IT company, Digia Oyj. The sale to Vringo will realize $22 million and a share of future revenues from the patents. The deal amount with Digia was not made public.

The asset...