HMD Global is getting out of the phones business and taking Nokia with it. As reported by The Verge, the company issued a statement to Wired’s Julian Chokkattu this week explaining that it’s “made the decision to scale back” US operations, which also seems to mean that it’s not selling phones anymore. HMD had been selling phones under the Nokia brand since 2016.

HMD’s statement doesn’t get into details in its statement, citing “a challenging geopolitical and economic environment” as the impetus behind its decision. The company says that it’ll continue to honor warranties and offer support for products that it’s sold. HMD isn’t going out of business and “remains focused on long-term growth,” its statement says. The full statement is below.

Like many global businesses, HMD is navigating a challenging geopolitical and economic environment. After careful consideration, we have made the decision to scale back our US operations. Our priority is ensuring a seamless transition for our customers and partners. We will continue to honour all obligations, including warranty coverage and service for existing products, and provide full support through our global teams. We deeply value the contributions of our US colleagues impacted by this change and are committed to supporting them during this transition. HMD remains focused on long-term growth, with strong momentum across our mainstream business and key segments such as Family, Secure, and Microfinancing.

It’s been a wild ride

Source: Verizon

HMD and Nokia’s history is a little complicated. Nokia sold its cell phone business to Microsoft in 2014. Then, in 2016, former Nokia executives formed HMD, which acquired that business from Microsoft. HMD also reached a licensing agreement with Nokia to market phones under that brand name. It sold a number of Nokia-branded devices, including several Android phones and, more recently, a Barbie-themed flip phone.

The company also sold a handful of smartphones under its own brand in the past few years, including the HMD Skyline and the modular HMD Fusion. As The Verge notes, HMD’s website is no longer selling any phones under the Nokia or HMD brands, though some are still available through third-party retailers.