NEW YORK (TheStreet) – In an effort to stave off bankruptcy, Nokia is trying to maintain its foothold in the smartphone race, competing with the likes of Apple and Google’s Android. The company hopes that its recent aggressive actions will allow it to compete and survive. If not, it risks fading away.
The Finland-based phone maker has been floundering for months; shares have dropped more than 54% since early April. In attempt to “return the company to profitable growth,” Nokia plans to shakeup senior leadership, cut 10,000 jobs by 2013, close 3 factories, improve Lumia, its smartphone, and sell Vertu, its luxury mobile phone business.
Despite these major restructuring plans, analysts (and investors, if the 11% post-announcement share plunge is anything to go by) are struggling to see how Nokia will fit into the mobile phone landscape. …
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