Industry Expert Blogs

News today is that Moody's has downgraded Nokia to junk status. They also announced that they will lay off 10,000 people (including about 1 in 4 of the people they employ in Finland, where Nokia is headquartered).

For those of you who don't know all the inside-baseball stuff about Nokia, here is a recent little history. The current CEO of Nokia Stephen Elop came from Microsoft at the start of last year. He wrote a famous (infamous) memo known as the burning platforms (it started with the choice of people on burning oil platform to leap off). Since that memo sales have fallen for 5 consecutive quarters wiping out $13B in revenues and $4B in profits.