A major technology company is streamlining their smartphone operations, and in doing so, cutting jobs worldwide.

On Wednesday morning, Microsoft Corp. announced plans to change up the company's smartphone hardware business, impacting up to 1,850 jobs.

Photo Credit: Microsoft on Facebook.

As a result, the company will undergo a restructuring charge of around $950 million, with $200 million alone related to severance payments.

"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 Satya Nadella, chief executive officer of Microsoft, in a statement. "We will continue to innovate across devices and on our cloud services across all mobile platforms."

Microsoft expects to cut about 1,350 jobs at Microsoft Mobile Oy in Finland, and another 500 jobs globally.

The changes are expected to be almost complete by the end of the calendar year.