Quantcast
Latest Stories

Nokia CEO admits failure to foresee fast-changing industry



Nokia CEO Stephen Elop speaks during the company's press conference in Espoo, Finland, on June 14, 2012. Elop admitted on Thursday, June 28, 2012, that his company had failed to foresee rapid changes in the mobile phone industry and that this was partly behind the firm's problems. AP/LEHTIKUVA, KIMMO MANTYLA

HELSINKI—Nokia chief executive Stephen Elop admitted on Thursday that his company had failed to foresee rapid changes in the mobile phone industry and this was partly behind the firm’s problems.

“We had moments in the past year and a half when we could have done some things differently had we known that the industry was changing so rapidly,” Elop told Finnish national daily Aamulehti.

One example of Nokia’s misreading of the markets “was the steep price decrease of Android phones in China,” he said.

“It happened so fast that Nokia’s situation has now become difficult, but we keep honing our strategy.”

Nokia recently lost the world No. 1 ranking it had held for 14 years as it attempts to survive on the rapidly changing landscape, with stiff competition from RiM’s Blackberry, Apple’s iPhone and handsets running Google’s Android platform.

The company has been undergoing a major restructuring in the past 18 months, phasing out its Symbian line of smartphones in favor of a partnership with Microsoft.

It recently announced that massive new spending cuts and 10,000 more layoffs would be needed, in addition to the some 12,000 layoffs already announced in the past year and a half.

Adding to Nokia’s problems was an announcement by Microsoft late last week that its Windows 8 upgrade would not work on Nokia’s new flagship smartphone, the Lumia 900 model, which it launched earlier this year.

That caused Nokia’s share price to shed 10 percent on Monday to 1.73 euros, its lowest point since August 1996 when it hit 1.71 euros, and down from 4 euros at the beginning of the year.


Follow us on Facebook Follow on Twitter Follow on Twitter




Recent Stories:

Aquino to lead Air Force turnover rites 5 mins elapsed Security in place for Obama as police hope for ‘peaceful’ visit 55 mins elapsed Paul McCartney to play at Candlestick concert 1 hour elapsed Cloud strength helps Microsoft earnings top Street 1 hour elapsed ‘Recovered’ Banksy works on display ahead of sale 2 hours elapsed PAL hailed for ban on shark fin cargo 2 hours elapsed Retired SC justice Lorenzo Relova; 98 2 hours elapsed Ligots fight 2nd forfeiture case 2 hours elapsed
Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Company , Finland , Nokia , Stephen Elop , telecom

  • http://twitter.com/ed0804 ed0804

    And they failed to forsee Microsoft taking over Nokia at a bargain price.

  • kunsabagay

    At least inamin na they failed to foresee the impending changes in the smartphone market. Now with the Lumia 900 not being upgradable to Windows 8, then it looks bleaker for Nokia to compete against Samsung and Apple.

    Shall we say “it was nice knowing you, Nokia?”

  • http://www.facebook.com/jakijaks Jackie Alcaraz

    This is sad for Nokia. I have to say thanks for the memories ’cause they were really really great!

    Why care if you are first or second or even last? The most important of all is that you have become a part of someone else’s life and you have touched lives by CONNECTING PEOPLE. :)

  • ice15

    I would like to quote Mr. Ricky Bobby (Talladega Nights)

    If you ain’t first, you’re last.

  • http://www.facebook.com/people/Steven-Zahl/1670371040 Steven Zahl

    NOKIA is TOAST

  • NoWorryBHappy

    “Nokia CEO admits failure to foresee fast-changing industry”
    :
    Translation: Nokia was ‘Blackjburried’.



Copyright © 2014,
.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement Advertisement
  1. Enrile in Masters of the Universe, Lord of the Rings?
  2. Vatican announces hashtag for April 27 canonizations
  3. Mark Caguioa lambasts Ginebra teammates on Twitter
  4. Nokia to be named Microsoft Mobile
  5. ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  6. No truth to viral no-visa ‘chronicles’
  7. Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  8. PH has slowest internet in Southeast Asia
  9. Senator wants to probe PH slow Internet connection
  10. Philippines has slowest, poorest mobile LTE connection, says report
  1. Mark Caguioa lambasts Ginebra teammates on Twitter
  2. PH has slowest internet in Southeast Asia
  3. Senator wants to probe PH slow Internet connection
  4. Enrile in Masters of the Universe, Lord of the Rings?
  5. Nokia to be named Microsoft Mobile
  6. Did Deniece Cornejo lambast Vhong Navarro on social media?
  7. Netizens seethe over Aquino’s ‘sacrifice’ message
  8. ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  9. Facebook rolls out ‘nearby friends’ feature
  10. Nasa’s moon-orbiting robot crashes down
  1. #RejectedBbPilipinas2014Questions flood Twitter
  2. Did Deniece Cornejo lambast Vhong Navarro on social media?
  3. Netizens fall in love with Crimea prosecutor Natalia Poklonskaya
  4. Mommy Dionisia Pacquiao scores, takes over social media
  5. Nude and so dangerous
  6. Mark Caguioa lambasts Ginebra teammates on Twitter
  7. Mommy Dionisia sings ‘Riking Bull,’sends netizens ablaze
  8. PH has slowest internet in Southeast Asia
  9. Russia tries to curb Crimean prosecutor’s Internet fame
  10. Memes flourish after Pacquiao victory

News

  • Aquino to lead Air Force turnover rites
  • Security in place for Obama as police hope for ‘peaceful’ visit
  • Retired SC justice Lorenzo Relova; 98
  • Ligots fight 2nd forfeiture case
  • PH will be partly cloudy in afternoon, evening—Pagasa
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Afghan hospital guard kills 3 US doctors, including Fil-Am pediatrician
  • Advertisement
    Marketplace