Nokia Oyj predicted shrinking profit margins for its network-equipment business, signaling the company is ready to sacrifice earnings to revive sales after handing its mobile-phone division to Microsoft Corp. The stock plunged.
Nokia Oyj investors cleared the sale of its mobile-phone unit to Microsoft Corp. in a 5.44 billion- euro ($7.4 billion) deal, unshackling the Finnish company from the unprofitable division and letting it focus on networks.
Nokia Oyj nominated entrepreneur Risto Siilasmaa to succeed Jorma Ollila as chairman, signaling that key decisions at the world’s biggest mobile-phone company by handsets deliveries will stay in Finland.
At the Virtual Goods Summit at London’s Chelsea Football Club this month, Peter Vesterbacka told the gathered cyber geeks to prepare for a surprise follow- up to “Angry Birds,” the Finnish megahit mobile-phone game.
Risto Siilasmaa, who is taking over as Nokia Oyj’s chairman today, defended the Finnish mobile-phone maker’s turnaround strategy that is finding few supporters among shareholders at today’s annual meeting.
F-Secure Oyj, the Finnish security- software maker expanding into online-storage services, is set to gain customers as more companies let employees use their own mobile devices for work, its chief executive officer said.