Nokia plans to halt development of its virtual reality camera "OZO" and reduce up to 310 employees, announced the Finnish IT giant on Tuesday.

"The slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities," said Nokia in a press release.

The Technologies division is set to halt development of further versions of the OZO VR camera and hardware, resulting in slashing up to 310 jobs, which account for nearly 30 percent of the workforce in the division.

The company said that the job cuts will affect employees mainly in Finland, the United States and Britain.

The OZO camera, a 360-degree stereoscopic camera, was released in November 2015. Since then, its market price has dropped from US$60,000 to US$25,000.

Nokia said it will continue to focus on digital health and patent and brand licensing business.

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