ePathChina Report: Nokia’s Market Value Tumbled US$77 Billion Under iPhone

The market value of the world’s largest cell phone manufacture Nokia have tumbled US$77 billion since 2007 when the first generation iPhone born. Investors have pressed the board of Nokia to adjust the whole plan according to the falling market share awkward ground.

Analyst James Kelleher from American investment institution Argus Research expresses that choosing a new CEO have already become the top priority. Mr. Kallasvuo at fifty seven is always on the back about entering software and service since June 2006 after taking the place of Ollila, but Nokia didn’t combine them to the cell phone which can contest with iPhone and iTunes. On June 29th, 2007, Nokia shares to close at 20.81Euro while falling to 6.83Euro on Thursday.

Today, the biggest change is the appointment of CFO Timo Ihamoutila and the partial adjustment of executive vice president. As to be the ex-CFO, Rick Simonson took over of Nokia’s phone unit at the end of last year that he’ll retire late this year.

When restructuring the management in May, the Chief Marketing Officer of Nokia Anssi Vanjoki became the supervisor of cheap smart phones and believes that MeeGo represent the hope of future, even the investor don’t think that’s enough. Management Boris Boehm of Aramea Asset Management said” They can solve the problem with open attitude to the market generally. But Nokia’s business still needs adjust considerably”.
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