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June 14, 2012 01:06 pm GMT
When it rains it pours at Nokia. The Finnish company today announced not one but four separate items of news -- a major strategy refresh with revised forecasts; a host of executive departures and several internal appointments to replace them; the final confirmation at its luxury folly brand Vertu is gone; and the intention to acquire imaging specialist (and Nokia partner) Scalado. The disparate nature of that list, and sheer number of simultaneous announcements, both underscore the dire situation at the company and how the changes it still needs to make to turn itself around, to make itself into a mobile leader once again, are pulling it in different directions at once.The news has sent the company's stock down by more than 10 percentat the time of writing -- with the main reason for that probably coming from the fact that it has revised down its forecasts for the next quarter, which will be reported on July 19.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/8O6ghr5wGjQ/
Nokia Stock Down By More Than 10% On Massive Overhaul: Revised Forecasts, Exec Changes, Vertu Gone, Scalado Acquired
When it rains it pours at Nokia. The Finnish company today announced not one but four separate items of news -- a major strategy refresh with revised forecasts; a host of executive departures and several internal appointments to replace them; the final confirmation at its luxury folly brand Vertu is gone; and the intention to acquire imaging specialist (and Nokia partner) Scalado. The disparate nature of that list, and sheer number of simultaneous announcements, both underscore the dire situation at the company and how the changes it still needs to make to turn itself around, to make itself into a mobile leader once again, are pulling it in different directions at once.The news has sent the company's stock down by more than 10 percentat the time of writing -- with the main reason for that probably coming from the fact that it has revised down its forecasts for the next quarter, which will be reported on July 19.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/8O6ghr5wGjQ/
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