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Nokia Crisis Deepens, Shares Plunge
Keywords:
The difficulties increase for Nokia with decrease in sales in emerging markets as it competes with new models from Huawei at the low end. The launch of the Lumia 900 runs into a software glitch and Nokia offers customers buying the phone from AT&T a $100 rebate until April 21- making the phone free on a two year contract. Nokia's global market share declined from 31% in 2010 to 23% in 2011, according to Gartner Inc. Nokia's dominance in India and the Middle East markets is slipping as low end smart phones with the Android operating system software are replacing Nokia phones. The result is that core mobile phone operations show a 3% negative operating margin in the first quarter, with the outlook for further declining margins in the second quarter of 2012. The Lumia 900 which has Microsoft software has fewer apps than the established Android and iPhone models creating more headwinds for the new smartphone. On April 11, 2012 Nokia shares lost 16% of their value and were down to $4.24.
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