On 8 July 2015, Microsoft announced a planned restructuring of Microsoft Mobile, including a $7.6 billion write down on the acquisition of Nokia, planned layoffs of up to 7,800 jobs, and a plan to downsize its first-party smartphone business, releasing fewer devices per year and pulling out of underperforming markets. New Microsoft CEO Satya Nadella stated that the company planned to have a "more effective and focused phone portfolio", and aimed to "create a vibrant Windows ecosystem including our first-party device family."[120][121][122] In October 2015, Microsoft announced the first Lumia devices running on Windows 10 Mobile, the Lumia 950, 950 XL, and 550, the first two being high-end devices, the latter a budget phone.[123][124][125][126]