Lumia Sales to Lift Nokia
The Finland-based Nokia (NYSE:NOK) could be on the rebound, thanks in very large part to Microsoft, as the handset producer may have finally started selling enough units to lure investors back to the fold. Chief Executive Officer Stephen Elop, however, would not provide sales forecasts and noted building their alliance with Microsoft (NASDAQ:MSFT) is a long term process.
In three years, the company lost value of more than 60 billion euros before Elop, a former Microsoft executive, took over in September 2010. The company’s debt ratings were cut because Moody’s and Standard & Poor’s doubted a turnaround could be accomplished in time. The company in response decided to retire its Symbian and MeeGo handsets.
Nokia’s Lumia won 13 Consumer Electronics Show awards and high marks from reviewers and bloggers. A uSwitch technology analyst, Ernest Doku, says, “The Lumia 800 was just a little bit too rich for a lot of people’s blood in terms of a new Windows Phone.” Which may be especially true when Apple (NASDAQ:AAPL) is discounting older models that consumers still want.
Apple reports tomorrow and Nokia releases results Thursday.