UNITED STATES: Nokia is unable to combat the challenge given by touchscreen smartphone manufacturers. So Nokia humbly admitted this fact.
Nokia’s performance, especially in sales, has plunged over the years. They are still standing at 40% market share which is only due to the low-end and in-expensive cellphones with little margins. Recently, Nokia cut its forecast for profit for this quarter reasoning intensifying competition in the high-end segment, a shift in its product mix toward devices with lower margins and the depreciation of the euro.
It’s not like that they are quietly witnessing their empire to fall, Nokia actually reorganized its business twice in recent months, replaced a top handset executive and creating a business unit to focus solely on smartphones.