The Finnish mobile giant Nokia yesterday announced that it has lowered its first-quarter 2012 outlook for the key Devices and Services business unit. Stephen Elop, President and CEO of the company, called the financial results for Q1 2012 ‘disappointing’. As soon as the news spread the company sees its share 19 percent lower.
With such conditions ailing over the mobile giant head resulting in investors start losing faith that it can even break the vicious circle that keep customers and in turn application developers from its new phone. The company last year ditch its own symbian phones and joined hands in order to adopt Windows Phone.
“It is too early to write Nokia off,” said analyst Peter Cunningham at Canalys. “It is still in the middle of its transition to Windows Phone, but it doesn’t have the luxury of time. The next six months will be critical in the company’s long-term future. The Lumia 610 needs to be a success, and it needs some hit products in the market in time for Christmas.”