Its terrible performance in the mobile space compared with competitors like, well, Apple has upset shareholders. Shares have fallen 67 percent since the iPhone’s been out, says Bloomberg, and top investor Vlad Cara is more than a little bit annoyed: “For me, the board needs to act yesterday. In order to get maximum response in the shortest period of time, you have to start changing everywhere.”
It has lost $77 billion in market value since the iPhone has been out, and stocks have dropped 25 percent just this year and short of inventing a time machine, there’s not much hope for Nokia as far as shareholders are concerned.
Analyst James Kelleher told Bloomberg that what Nokia really needs to do is get a new CEO on board who can rock the boat a little. Olli-Pekka Kallasvuo has been CEO for some time now but has failed to live up to the gigantic pressure of taking on Apple’s well oiled mobile machine. “I keep expecting Olli to get dumped,” he said. “Instead they’re changing everyone under him.”
Still, chairman Jorma Ollila seems pretty on-side with Olli. He used to think the light shined out of his perse as he and his team oversaw the N95 take the world by a storm in a teacup. With Symbian pretty much dead in the water, says Gartner, we can’t think of much Nokia can do to redeem itself except for a complete overhaul.
It’s too busy playing catch-up with Apple and HTC – and ZTE top dog Wu Sa told us yesterday Android is simply the “best” for a great internet experience – maybe it needs to work on developing its own revelatory product instead of being a copycat.