Nokia (NOK) Closes Flagship China Store; Will Focus on Retailer, Carrier Partners
Tweet
Share
E-mail
Get Alerts NOK Hot Sheet
Join SI Premium – FREE
Looking to streamline operations a little further, Nokia (NYSE: NOK) closed its flagship store in China at the end of March.
The move comes as Nokia and China Mobile (NYSE: CHL) -- the world's largest mobile carrier -- inked a deal for the Lumia 920T last year. China Mobile will also begin selling the Lumia 720 and 520.
Nokia will instead focus on retail and carrier partners.
With its latest report, things have gotten grim in China for Nokia. The company reported a 79 percent drop in revenue to €213 million, while handset shipments fell from 14.7 million down to less than 5 million.
Shares of Nokia are indicated for a higher open Thursday.
The move comes as Nokia and China Mobile (NYSE: CHL) -- the world's largest mobile carrier -- inked a deal for the Lumia 920T last year. China Mobile will also begin selling the Lumia 720 and 520.
Nokia will instead focus on retail and carrier partners.
With its latest report, things have gotten grim in China for Nokia. The company reported a 79 percent drop in revenue to €213 million, while handset shipments fell from 14.7 million down to less than 5 million.
Shares of Nokia are indicated for a higher open Thursday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nokia to cut most of China workforce by year end, report says
- Nokia ranked No. 1 for mobile core portfolio competitiveness in Omdia’s 2026 market landscape report
- Barclays flags an "attractive entry point" in this pharma stock
Create E-mail Alert Related Categories
Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
