Nothing denies rumours that it plans to exit 12 markets

Last week, a report surfaced online alleging that the London-based tech company Nothing was set to exit up to 12 markets globally due to a decline in shipments. The company has since hit back, with one of the co-founders denying such plans and calling it fake news.

The original report claimed that Nothing was planning to exit parts of Europe, the Middle East and Japan, and alleged that the company is reducing headcount by up to 40%. It also went on to state that Nothing would lay off up to 50% of their R&D staff, while shipments of their devices has dropped to just 20,000 units globally for the Phone (4b).

Akis Evangelidis, Nothing co-founder and president of Nothing India, has responded to the report by stating that even on day one of its launch in India, the Phone (4b) managed 29,537 units sold. He also went on to deny that there were major layoffs happening within the company.

Instead, Evangelidis states that they’re simply reorganising their teams as Nothing plans for the next stage in life, with part of it including building dedicated business units such as an AI-native business unit, as well as consolidating individual countries into regional hubs. He doesn’t deny that these plans have impacted certain positions within the company, but does state that the reported numbers have been ‘way overblown’.

FAKE NEWS… We are not shutting down any markets. Inaccurate reports are being circulated; Phone (4b) sold 29,537 units on Day 1 only, breaking records in its price segment.

What we are doing is reorganising our teams to prepare for our next phase of growth. We are… pic.twitter.com/gjA8A8GGfM

Nothing is certainly going through a rough patch right now, as global component prices continue to soar leaving the brand in a tough spot over device pricing and availability. Nevertheless, it does seem that Nothing will continue to soldier on right now, and hopefully won’t end up the same as their CEO Carl Pei’s former company OnePlus, which pulled out of nearly every market in the world.

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