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, seeking to capitalize on and the fast-growing industry, but by last summer it was slashing the value of that business and it eliminated 26,000 jobs.

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.

Microsoft Corp., based in Redmond, Washington, hopes to complete most of the "streamlining" by year's end.