NEW YORK (AP) — Microsoft is cutting 1,850 jobs and will book a $950 million writedown as the company continues its attempts to salvage a rocky entrance into the smartphone market.

The company acquired Nokia’s phone business in 2014 for $7.2 billion, seeking to capitalize on and the fast-growing industry. By last summer it was slashing the value of that business and it eliminated 26,000 jobs.

READ MORE: 'The Father Is A Hero'; Oakland Man, 1-Year-Old Daughter Die In Horrific Arson Fire

The bulk of the jobs cuts announced Wednesday, up to 1,350 positions — are at Microsoft Mobile Oy in Finland. There will also be up to 500 additional jobs trimmed worldwide. Microsoft had 117,354 employees globally at the end of its last fiscal year.

“We are focusing our phone efforts where we have differentiation — with enterprises that value security, manageability and our Continuum capability, and consumers who value the same,” says Microsoft CEO Satya Nadella in a statement. “We will continue to innovate across devices and on our cloud services across all mobile platforms.”

READ MORE: Antioch Teen Fatally Wounded In Saturday Night Shooting; Angry Crowd Confronts Police

In an email to employees, Microsoft’s head of Windows and devices Terry Myerson said the company “will continue to update and support its Lumia and OEM partner phones, and develop great new devices.”

As for what those new devices will be, The Verge points to rumors suggesting a Surface-branded phone is coming down the pipeline next year, and the Lumia 650 was the company’s last Lumia device.

Meanwhile, Microsoft hopes to complete most of the “streamlining” by year’s end.

MORE NEWS: Video: Solano County Sheriff's K9 Subdues Suspect Fleeing On Foot After High-Speed Pursuit

TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten. The Associated Press contributed to this report.