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Bleak outlook for Nokia

Posted: 04 Oct 2012  Print Version  Bookmark and Share

Keywords:IP  telecom  financial restructuring 

Nokia is showing no signs of financial improvement in the coming year and will likely experience increased operating losses, according to Credit Suisse as reported in StreetInsider.com.

The financial services firm suggested that it may be in the best interest of Nokia to sell off its business units such as IP and telecom to interested rivals. Putting the entire company up for sale may not generate as much interest.

Nokia was once the leading mobile phone brand until recently when the popularity of smartphones surged and the likes of Apple's iPhone became a consumer staple. Its market share over the past five years suffered a huge decline resulting in massive layoffs across its facilities worldwide. The Finnish telecom giant is expected to slash close to 10,000 jobs by the end of next year as it shuts down manufacturing plants and research sites in Europe and North America.

In a separate report from Reuters, spokeswoman Maija Taimi talked about Nokia's plan to sell its main office in Espoo, Finland to discard its non-core assets in a bid to improve finances. The Nokia headquarters is valued at roughly $259 to $388 million.





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