Is Windows Phone 8 strategy finally paying off?
Lumia 920 sold out
Finnish manufacturer Nokia has received a boost to its dented morale with a surprise 9 per cent hike in its stock price last night [19th November 2012]. The struggling handset maker has pinned its hopes on an alliance with Microsoft, where CEO Stephen Elop previously worked, with its new line of smartphones running Windows Phone 8.Previous reports suggested the gambit wasn’t working as Nokia slipped out of the top five league of phone manufacturers despite the launch of its flagship Lumia smartphone range.
As its shares slumped to a record low some analysts were even predicting the game was up for what was once the world’s biggest phone manufacturer.
But last night, in a sudden turnaround, Nokia climbed to the top of the European-wide index after it announced on its German Facebook page that some stores had sold out of its latest Lumia 920 phone.
It comes as Microsoft is making a big marketing push for its new Windows eco-system, linking sundry devices from phones to PCs.
But Nokia still has a long way to go before it is out of the woods. In New York last night its share price closed at $2.94 compared to a year high of $5.87.
At its peak this time four years ago its stock commanded nearly $40.
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