A 40 % drop in net profits is not something you hear at Nokia quite too often. For the quarter that ended on June 30, the net profit of Nokia fell from 380 million Euros an year back to 227 million Euros. Here’s some uncovering into what went wrong for Nokia.
There are three reasons for this downfall. One, Smartphones. Two, Smartphones. Three, Smartphones again. The biggest and the most prominent reason for a downfall in Nokia’s profits has been a clear inability to compete in smartphones segment with companies like Apple and the devices based on Google’s Android. Not that Nokia is unaware of this. With Symbia, a characteristic Smartphone platform built by Nokia and Meego- a platform developed jointly by Nokia and Intel set to reach markets before the end of this year, the numbers might very well tell an entirely different story then.
It’s rather too early to write off a corporation as big as Nokia. At Keilaniemi in Finland, just across the Gulf of Finland, new strategies are being devised to stage a comeback. We better watch out.
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