Stephen Elop is trying to keep the Nokia ship afloat in any way possible — even it means tossing some people overboard.

The company announced today that it’s thinning the ranks of its IT department by 1,120. With the move, up to 820 employees will be transferred to India’s HCL Technologies and Tata Consultancy Services.

The rest of the workers aren’t so lucky: They’re getting pink slips.

“Nokia believes these changes will increase operational efficiency and reduce operating costs, creating an IT organization appropriate for Nokia’s current size and scope,” Nokia says.

Basically, Nokia is shrinking, and “streamlining” its workforce is a really simple way for it to lower its expenses.

The layoffs, which are a part of the restructuring strategy Nokia announced last July, come a month after Nokia announced that it sold its main office building for $222 million.

But what’s most ironic about the layoff news is that it comes exactly a week after Nokia announced that its fourth quarter 2012 earnings are on track to beat expectations. Working at Nokia must be like being on a roller coaster right now.