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Nokia to ship N8 model to compete with iPhone 4
By siliconindia
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Friday, 18 June 2010, 17:58 IST
Helsinki: While Apple struggles to meet demand for the latest version of the iPhone, Nokia is planning to ship its only model that may compete. The company has announced just one handset, the N8, from its new high-end line based on revamped Symbian3 software, where as Apple is flying with 600,000 pre-orders and other vendors are rolling out models with Google's Android software, reports The Economic Times.
Nokia said in April that the N8 will be shipped sometime in the third quarter. It is also slated to introduce a second line of high-end devices running the MeeGo operating system developed with Intel at an unspecified date this year. Investors punished Nokia, sending its shares down 9 percent to euro 7.22 in Helsinki on Wednesday, the lowest level since March 9, 2009. The stock drop put the market value of Nokia at euro 27 billion ($33.3 billion), below the $34.4 billion of rival Research In Motion and Apple's $240 billion.
"The smartphone revolution has started and Nokia is not there," said Helena Nordman-Knutson, a Stockholm-based analyst at Oehman. The N8 - will be old when it's out because everybody has taken the next step."
Recently, Nokia said that its second-quarter handset revenue and margins will be "at the lower end of or slightly below" its earlier forecast range of 9-12 percent. The Espoo, Finland- based company also cut its outlook for 2010 for the second time this year. The full-year adjusted operating margin in handsets could come in below the 11-13 percent range forecast earlier, mainly because of its weakness in high-end smartphones, it said.
Sales in the devices and services division may fall below euro 6.7 billion in the second quarter, Nokia said. The lowered outlook is "an implicit statement that the Symbian user experience won't be fixed this year and MeeGo won't arrive in time to make a difference to 2010 either," Gartner analyst Nick Jones said in e-mailed comments. The company expects the fourth-quarter margin to rise above the average for the year, chief financial officer Timo Ihamuotila said in a teleconference on Wednesday.
