Industryweek 2497 Nokia Lumina Cell Phone

Nokia CEO Admits Failure to Foresee Fast-changing Industry

July 9, 2012
'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,' said Stephen Elop.

Nokia (IW 1000/61) recently lost the world number one 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.

"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," Nokia chief executive Stephen 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."

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.

Copyright Agence France-Presse, 2012

Popular Sponsored Recommendations

Executive Summary: Enterprise Resource Planning Manages Manufacturing Risk and Uncertainty in 2024

Jan. 4, 2024
Explore the future of manufacturing in 2024 by discovering how cloud-based ERP systems can help manufacturers thrive amidst supply chain disruptions and economic uncertainty.

Shop Floor Optimization Solves Manufacturers’ Labor Challenges

Dec. 27, 2023
Read this FAQ to learn how mid-market manufacturers can use technology to optimize their shop floors and make better use of their available labor forces.

Future-Proofing Your Business with Smart Manufacturing

Jan. 2, 2024
An IndustryWeek-Plant Services-Smart Industry-Automation World-hosted webinar sponsored by Amazon Web Services

Q&A - Onsite Wind Generation

Jan. 22, 2024
Dive into EWT's Q&A to understand their wind energy solutions, covering partnerships, maintenance, wildlife impact, timelines, solar comparison, and ROI. Essential for sustainable...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!