Cellphone maker Nokia announced it will lay off another 10,000 workers by the end of next year as the company continues to fall behind in the global smartphone war. The company announced that most of its top management including the chief marketing officer and the head of the mobile division will be pushed aside as revenue forecasts continue to drop and cash is running out. The company cut 14,000 jobs last year and headcount has dropped by almost 40,000 since CEO Stephen Elop took over in 2010. The current cuts represent around 20 percent of their total workforce.

Nokia, which moved its hardware to the Windows Phone operating system, sold 2 million of its Lumia smartphones this year, compared to 35 million iPhones in the last quarter. It's also been surpassed by Samsung as the number one mobile phone maker in the world. The company is losing money and even with the layoffs it won't be making any for quite some time. The question seems to be at this point, whether it can stop the bleeding long enough to convince a bigger company to buy it and save it. One analyst tells Bloomberg that if doesn't dramatically cut costs and turn revenue around, Nokia could run out of money and be out of business within two years.

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