Further details are awaited.
Nokia said on October 10: "In digital media, the slower-than-expected development of the VR market means that Nokia Technologies plans to reduce investments and focus more on technology licensing opportunities".
The Finland-based vendor said the job cuts at Nokia Technologies, affecting nearly one-third of the division's 1,090 headcount, came amid "slower-than-expected development of the VR market".
That being said, it will stop development on future Ozo products and will look to license its existing technologies instead. To start the process, Nokia today has invited employee representatives of Nokia Technologies in Finland to cooperation negotiations. This means Nokia will discontinue its hitherto unsuccessful VR unit.
Nokia demonstrated OZO's capabilities in a live performance by the band Best Coast at the event in late 2015, broadcast in full 3D 360 VR from the roof of the Capitol Records building in Hollywood to downtown Los Angeles over Internet Protocol seven miles away.
The 310 jobs will go in the UK, US and Finland.
Nokia is ditching development on virtual reality and cutting more than a quarter of its workforce.
Nokia has continued producing Withings' attractive smartwatches, smartphone-connected body scales, and even a smart hair brush, with more devices to come in 2018 including a new sleep monitor.
Nokia has reiterated its commitment to fully leverage its digital health portfolio that it acquired through the purchase of Withings a year ago.