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With the shock of the Apple-Samsung verdict still reverberating around the smartphone world, here comes a sharp reminder of the fact while these two giants may have their problems, life is much harder for their competitors.
Shares in Foxconn International Holdings (FIH) plunged on Tuesday after it reported a record first-half net loss. The company, the Hong Kong-listed subsidiary of Hon Hai Precision, is only one chunk of the Taiwanese parent group’s empire. It’s not the bit that works for Apple: FIH’s customers are Apple’s hard-pressed rivals, led by Nokia. Enough said. Continue reading »
For Nokia, any glimmer of hope is good news. The Finnish phonemaker and networks company on Thursday announced its Q2 results. Despite sales falling 19 per cent and a loss of €826m, its shares were up 14 per cent at one point.
So where’s the positive news coming from? Not China, certainly – yet. Despite high hopes for the country, it was the worst performing region by net sales.
If proof were needed of the importance of China to mobile phone makers, follow the chief executives. Both Apple’s Tim Cook and Nokia’s Stephen Elop have been in the country in the last few days – Cook to put Apple’s case in trademark disputes, Elop to launch a new smartphone.
Both companies need China – but they are coming from very different positions. Continue reading »
Nokia, which has had its fair share of troubles in developed markets, plans to close its mobile money business in India. The financial service allowed user to pay bills, transfer money and make purchases using their mobile phones.
“The mobile financial services business is not core to Nokia so we plan to exit the business,” a spokesman for the company told Reuters. While it may not be core to Nokia – which only launched nationwide services late last year – analysts said the business has incredible scope for growth because it bridges the gap left by India’s massive dearth of banking infrastructure. Continue reading »
For a company that started out selling rubber boots, Nokia is used to change. The announcement on Thursday that it is closing its factory in Cluj, Romania, with the loss of over 2,000 jobs, and is reviewing its operations in Hungary and Mexico, reminds us that some changes are driven more by necessity than choice. Continue reading »
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