Microsoft on Wednesday announced plans to streamline its smartphone business by cutting 1,850 jobs. It will record an impairment charge of $950 million, with severance payments accounting for $200 million of the charge. The restructuring will entail up to 1,350 job losses at Microsoft Mobile Oy in Finland, and 500 more cuts around the world. "We are focusing our phone efforts where we have differentiation -- with enterprises that value security, manageability and our Continuum capability, and consumers who value the same," said Microsoft CEO Satya Nadella.