News Topic: NOKIA
We have seen several occasions where former Nokia executives and shareholders criticized Nokia for abandoning Symbian as a mistake, but Nokia's former CEO personally addressed and refuted such claims. Nokia's former CEO (now Chairman) Jorma Ollila recently gave an interview to Finland's YLE Radio. In the interview, he admitted that Nokia's current crisis had been brewing for many years but the company failed to adjust in time. Jorma Ollila served as Nokia's CEO from 1992 to 2006. He stated that Symbian always had underlying issues: "Symbian is a weaker software platform, and we lacked strength in software. It took us ten years to realize this problem. In the late 1990s and early 2000s, Nokia indeed had the strength, but times changed."
He also mentioned that the company needed to be awakened from the comfort of success achieved ten years ago, but even now, he still believes Nokia can succeed because the company still has many talented people, and it is these people that allowed Nokia to maintain its leading position for 14 years. However, "in any case, this will be a long process, almost like a marathon."
Given that Nokia recently faced a "junk" level rating, the company may need some help to ensure it can get through its current difficulties and complete the transition to the Windows Phone platform. Analysts suggest that Microsoft could lend a helping hand, as it currently holds $6 billion in cash.
A senior banker commented: "I don't think Microsoft will acquire Nokia, but it will certainly provide billions of dollars in funding to Nokia." Microsoft is more likely to support Nokia through loans or equity purchases rather than a full acquisition.
via: WMP
*Content source: cnBeat*
