Nokia Oyj has changed its logo so people no longer think of it as being associated with mobile phones. This was a long time ago, though.
On Sunday, the company announced a brand revamp, along with a set of new strategic pillars meant to help it grow more quickly as the world moves more rapidly to using fifth-generation mobile technologies.
Nokia is not just a successful mobile phone brand. We’re also about creating new technologies and bringing them to the world. In an interview ahead of the Mobile World Congress in Barcelona, our CEO Pekka Lundmark said this is what we’re all about. We are starting a new brand that is devoted to networks and digitalization. This is a very different kind of business from traditional mobile phones.
HMD Global Oy is still selling Nokia-branded phones. Microsoft Corp. bought the business in 2014, but stopped using the name. HMD Global Oy got the license to continue selling Nokia-branded phones.
Nokia plans to focus on increasing its market share among wireless service providers by providing equipment and services. This is good news because it means the company will be able to maintain its profits despite the growth of 5G technology. This is because Huawei, a Chinese competitor, has been restricted in Europe because of security concerns.
Nokia wants to continue growing its business by selling private 5G networks to businesses. The CEO said that the enterprise business, which made up 8% of Nokia’s top line last year, has the potential to reach double digits.
Nokia didn’t want to get bought by Ericsson, because they wanted to focus on growing their business on their own. Ericsson bought Vonage because they wanted to grow their business on the enterprise side.
Nokia regained an investment-grade rating from S&P Global Ratings, meaning that they are confident in Nokia’s future. However, Lundmark still sees areas where Nokia can improve, such as their operating margins.
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