Whatever happened to Nokia‘s halcyon days when everyone seemed to own a 3310 and be perfectly content wasting away their free time playing Snake II? Well, smartphones are probably the main culprit there, as manufacturers such as Samsung, Apple and HTC came to dominate this new market, while the Finnish phone giant is yet to have properly adapted.
As if it wasn’t clear enough from the sluggish sales of quality handsets such as the Lumia 800 and Lumia 900, the credit rating firm Moody’s slashed Nokia’s credit rating to Baa3 on Monday, leaving it hovering precariously above the ‘speculative’ grade. This has led to their share prices reaching a historic low of 2.948 euros.
A spokesman for the US ratings agency stated, ”Moody’s believes that the structural challenges facing Nokia’s mobile phones segment may not be easy to address, such as the market share gains recorded by makers of very low-end phones or new phone promotions by Chinese carriers.”
Despite the undeniable quality of their Lumia phone range, they’ve fallen out of favour with much of the mobile phone community by sticking rigidly to the relatively unpopular Windows Mobile and their very own Symbian Operating Systems. How the mighty have fallen…