Nokia is a multinational telecommunications and information technology company based in Finland. Founded in 1865, Nokia started as a pulp mill and gradually diversified its business into various industries. In the 1990s, Nokia became a major player in the mobile phone market, and at its peak, it was the largest mobile phone manufacturer in the world.However, in the early 2010s, Nokia faced intense competition from other smartphone manufacturers and struggled to keep up with the rapidly changing market. In 2014, Nokia’s phone business was acquired by Microsoft, and Nokia shifted its focus to telecommunications network equipment and services. Today, Nokia is a leading provider of networking and telecommunications equipment, software, and services for businesses and governments worldwide.Nokia revealed on Sunday that it intends to revamp its brand identity for the first time in almost six decades, including a new logo, as the telecom equipment manufacturer concentrates on achieving rapid expansion. The new logo includes five distinct shapes that together spell out the name NOKIA, and the recognizable blue color from the previous logo has been replaced with a variety of hues based on the intended use.
In an interview with Reuters, Chief Executive Pekka Lundmark stated that the association with smartphones was no longer relevant since they are now a business technology companyOn the eve of the annual Mobile World Congress (MWC) that commences in Barcelona on Monday and runs until March 2, Nokia’s CEO Pekka Lundmark spoke in advance of a business update by the company. After taking over as the head of the Finnish firm in 2020, Lundmark devised a three-stage plan: reset, accelerate, and scale. The reset phase is now complete, and Lundmark stated that the second phase, accelerate, is beginning.
Nokia revealed on Sunday that it intends to revamp its brand identity for the first time in almost six decades, including a new logo, as the telecom equipment manufacturer concentrates on achieving rapid expansion. The new logo includes five distinct shapes that together spell out the name NOKIA, and the recognizable blue color from the previous logo has been replaced with a variety of hues based on the intended use.
In an interview with Reuters, Chief Executive Pekka Lundmark stated that the association with smartphones was no longer relevant since they are now a business technology company.He gave his remarks before the company’s business update, which is scheduled on the day before the start of the annual Mobile World Congress (MWC) in Barcelona on Monday, February 27, and will continue until March 2On the eve of the annual Mobile World Congress (MWC) that commences in Barcelona on Monday and runs until March 2, Nokia’s CEO Pekka Lundmark spoke in advance of a business update by the company. After taking over as the head of the Finnish firm in 2020, Lundmark devised a three-stage plan: reset, accelerate, and scale. The reset phase is now complete, and Lundmark stated that the second phase, accelerate, is beginning.Although Nokia intends to continue expanding its service provider business by selling equipment to telecommunications companies, its primary attention is now on selling such gear to other companies.Lundmark mentioned that they had a remarkable growth rate of 21% in enterprise sales last year, which presently accounts for about 8% of the company’s overall sales, or roughly 2 billion euros ($2.11 billion). He further added that they aim to boost enterprise sales to double digits as soon as possible.Telecom equipment manufacturers, like Nokia, have been teaming up with leading tech companies to offer private 5G networks and automation solutions to customers, mainly in the manufacturing industry.Nokia intends to assess the progress of its various business units and explore options, which may involve selling them off.Lundmark stated that the message is crystal clear – Nokia is interested only in the industries where it can achieve global dominance.As Nokia shifts its focus to factory automation and data centers, it will compete with major tech players such as Microsoft and Amazon.According to Lundmark, there will be various scenarios, where Nokia will have different types of relationships with other companies, including being partners or customers, as well as competitors.The market for selling telecom equipment is experiencing a downturn, with the macro environment hurting demand from high-margin markets like North America. This trend has been replaced by growth in low-margin regions such as India, causing rival Ericsson to lay off 8,500 employees.Lundmark stated that India is Nokia’s fastest-growing market, although it has lower profit margins, which he considers a structural shift.
He also added that they expect North America to rebound in the second half of the year.
