View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
July 5, 2011

Nokia cuts smartphone prices in Europe

To exit Japan in August  

By CBR Staff Writer

Finnish phonemaker Nokia has reportedly slashed the prices of its smartphones by up to 15% in Europe.

Reuters reported, citing industry sources, that the models N8, C7 and E6 saw the steepest of cuts, while other price cuts were smaller.

One source told Reuters, "There are no very big cuts per model, but the scale — across the portfolio — has not been seen for a very, very long time."

Nokia has been struggling to maintain its lead in the mobile phone market since 2008. Now it faces intense pressure from the growing number of Android-based phones as well as Apples iPhones.

The company had lowered its forecast in May and is expected to report losses for the second and third quarters this year.

Shares in Nokia have slipped over 40% this year and some analysts believe that the latest move to cut prices may make it difficult for the company to make a come back.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Nokia CEO and former Microsoft employee Stephen Elop had announced many drastic steps to revive the fortunes of the company. Those included outsourcing software development, a software partnership with Microsoft and job cuts.

Many believed Nokia’s in-house Symbian OS was a drawback after its phones started facing competition from Apple and Android-based phones. At the lower end, Nokia started losing its market share to the growing number of Chinese mobile manufacturing companies.

Elop had said that the "Nokia platform is burning" in February.

The company plans to release its first phones running on Windows 7 OS in the last quarter this year.

Meanwhile, the Nikkei has reported that Nokia will exit the Japanese mobile phone market in August this year.

The move is believed to be a result of rising competition in the mobile phone market in Japan.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU