Nokia (NOK) Continues Getting Hit as Windows Phone Demand Questioned Again
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Nokia Corp. (NYSE: NOK) shares are at multi-year lows Monday following reports out of the Helsinki Mover, as cited by Bloomberg, that Microsoft's (Nasdaq: MSFT) recent announcement its Windows Phone 8 will not work with current models may hurt the Finnish giant more than investors initially realized.
On June 20th, Microsoft held a conference to announce the new OS, which aims to coincide with the release of Microsoft Windows 8 later this year.
One fund manager with Robeco Group said Nokia's big problem is that there's no Plan B.
The news comes following analyst calls late last week, mostly cutting expectations following Microsoft's announcement. For the most part, despite being a solid device, many expect sales of Nokia's Lumia series to slow as consumers will wait for Windows Phone 8 devices, meaning there's another though three-month time frame ahead.
Owners of Windows Phone 7 devices will be able to upgrade to Windows Phone 7.8, which features a new home screen.
The Helsinki stock market was also closed last Friday, which may account for a bit of the movement today.
Shares are 9.5 percent lower heading into the afternoon trading session.
On June 20th, Microsoft held a conference to announce the new OS, which aims to coincide with the release of Microsoft Windows 8 later this year.
One fund manager with Robeco Group said Nokia's big problem is that there's no Plan B.
The news comes following analyst calls late last week, mostly cutting expectations following Microsoft's announcement. For the most part, despite being a solid device, many expect sales of Nokia's Lumia series to slow as consumers will wait for Windows Phone 8 devices, meaning there's another though three-month time frame ahead.
Owners of Windows Phone 7 devices will be able to upgrade to Windows Phone 7.8, which features a new home screen.
The Helsinki stock market was also closed last Friday, which may account for a bit of the movement today.
Shares are 9.5 percent lower heading into the afternoon trading session.
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