The Nokia Army
Nokia (NOK) shares keep falling hitting new 12 month lows on a weekly basis. Nokia shares never recovered after the 2008 fall. Since early 2008 Nokia shares are down 94%, its ugly and then some.
Nokia shares closed today at $2.50 for a terrible 3 month decline of more than 50%. The WSJ.com did a mixed bag story on Nokia today titled Nokia Late to the Silicon Valley Party.
The positive spin in the article states:
Nokia sold 600,000 mobile devices in North America during the first quarter, compared with 500,000 in the fourth quarter. Revenue from these devices, meanwhile, was up 75% on a quarter over quarter basis thanks to higher price points.
Still, North American sales only represented 2% of Nokia's global total in the first three months of the year.
Matt Rothschild, head of retail and sales operations (at Nokia), said in an interview that relocating has given the workforce a "start-up mentality, a challenger mind-set" in the critical U.S. market. Mr. Rothschild has recently tapped that enthusiasm by creating the "Nokia Army." (source: wsj.com)
Bottom line: Its a valiant play by going back to silicon valley and making Nokia out to be the underdog player. Time will tell if Nokia can make a comeback and the same goes for its shares.
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