Nokia Suffer Bad 2nd Quarter Figures & Share Crash

Nokia really are not having the best of times at the moment. Not only are they being battered in the smartphone market, they have just recently suffered poor 2nd quarter figures, as well as a drop in their share prices.

The Finnish mobile manufacturing giant joined forces with Microsoft earlier this year, axing its Symbian OS on high end smartphones for the Windows Phone 7 OS, as well as over 7000 employees. The bad news has come as quite a shock to the company, admitting “the outlook for both Q2 and all of 2011 are worse than the company previously expected”, Forbes has reported.

Nokia woke up this morning to find themselves down $1.05, or 12.8% on their share prices. CNN has now reported that shares have stumbled down below 16%, which will raise concerns for Stephen Elop and co. Despite the failure to hit targets, Nokia remain “pleased” with their Windows Phone progress; however have said it is no longer appropriate to set full year targets. We did see a positive sign as Nokia will venture into NFC with their C7 smartphone.

The biggest problem is that Nokia simply cannot keep up with the power of their rivals. We spoke earlier today about how Android and iOS are dominating the smartphone market, with Windows Phone 7 posing no real threat to their superiority. Nokia’s Symbian OS is dead in the high end market. Nokia are set to launch their first WP7 based phones in Q4 of 2011. Will they have any chance against the rising empires of Google and Apple? Let us know your thoughts in the comments.

  • Anonymous

    Nokia is undergoing the worst time they have seen till date. There was a time when Nokia was the biggest mobile phone manufacturer and today perhaps it is going on the verge of becoming an example of marketing myopia.