Investors have apparently voted a thumbs-down on Nokia’s (NYSE: NOK) partnership deal with Microsoft (Nasdaq: MSFT).

Shares of the world's top mobile phone maker are down almost 13 percent in early morning trading.

Nokia also said it will cut jobs in Finland and other regions, but that it will remain based in Finland.

There will be substantial reductions in employment in various locations around the world, and that too will affect Finland, Elop said in London. [But] Finland will remain our home, Elop said in the press conference.