Once known as the world’s biggest handset maker, Nokia is failing to cope up with the present scenario, as now the company is facing losses after losses. As reported , the Q2 loss for Nokia has summed up a whopping $1 billion, almost double that what was being speculated by the analyst.
Stephen Elop , Nokia’s chief executive duly acknowledged that the April- June time period has been a very difficult quarter for the company.
Even in the previous year and in the same quarter the company struggled with losses. But still they were just 368 million euros as against 1.41 billion euros in this quarter, so things look quite unsteady for Nokia at present as if the losses keep on rising ,then it would be disastrous.
Recently Nokia even lost its Crown of world’s Biggest handset maker which the company had successfully retained for 14 years. In order to to fight the stiff competition , Stephen Elop, even changed the production focus from Symbian OS to Windows Platform as he knew that now the company was standing on a burning platform. Hopefully the new partnership with Microsoft for windows mobile will help the company to cope up with the present market conditions.
Still Nokia can again regain its previous dominance as the company at present holds a strong cash position, but for that quick and effective business decisions are all that will count on its Future.