What Will Happen to Nokia?
June 18, 2012
News today is that Moody's has downgraded Nokia to junk status. They also announced that they will lay off 10,000 people (including about 1 in 4 of the people they employ in Finland, where Nokia is headquartered).
For those of you who don't know all the inside-baseball stuff about Nokia, here is a recent little history. The current CEO of Nokia Stephen Elop came from Microsoft at the start of last year. He wrote a famous (infamous) memo known as the burning platforms (it started with the choice of people on burning oil platform to leap off). Since that memo sales have fallen for 5 consecutive quarters wiping out $13B in revenues and $4B in profits.
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