“ Nawa oh Nokia don dey die small small sha”. The ongoing heated competition from Apple and Google has led to the rapid reduction in Nokia’s stock price as low as approximately 13% on the morning of Tuesday May 31st
As seen in the Wall Street Journal, Nokia released a statement Tuesday warning net sales for its devices and services unit will be “substantially” lower than the previous estimate of €6.1 billion to €6.6 billion ($8.8 billion to $9.5 billion). The shortfall was blamed on lower average selling prices and decreased volumes of handset sales.
Nokia is gradually losing itself in the market especially to the Apple iOS based smartphones and the Google Android OS. Due to this decline, Nokia teamed up with Microsoft in February and they plan on making Microsoft’s Windows Phone 7 or Mango to others. The collaboration between both companies made people wonder or rather assume they were planning a takeover, but Nokia has denied these rumors.
What do you think about Nokia joining forces with Microsoft, smart idea? Leave a comment below and let us know.