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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Will Nokia’s Bold Bet Soothe Shareholders?

Category : Business, Stocks

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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Link: Will Nokia’s Bold Bet Soothe Shareholders?

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