Nokia Hammered By Apple And Android
Nokia oy (NYSE: NOK) may hold 38% of the global handset market, but it has lost whatever edge it had in the smartphone market–mostly to the Apple Inc (NASDAQ: AAPL), Google Inc (NASDAQ: GOOG) Android-powered phones and Research In Motion’s (NASDAQ: RIMM) Blackberry.
Nokia revised its earnings expectations down today saying it was doing poorly at the high end of the handset market. The stock is already off 10% to $8.80 on the news.
The situation is likely to get worse as Apple releases its iPhone 4, Android continues to be adopted by large manufacturers like HTC, and RIM prepares a next-generation Blackberry.
Douglas A. McIntyre