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According to Nokia's (NYSE: NOK) most recent quarterly report, the global mobile market is still in a funk. The company saw its sales drop by 25% to $14 billion over the past year, with operating profits of $602 million. Besides the drag from the economy, there are also competitive pressures, such as from Research-in-Motion (NASDAQ: RIMM) and Apple (NASDAQ: AAPL). While Nokia's market share increased from 37% to 38% since Q1, the fact remains that it was roughly 40% last year.
True, Nokia continues to innovate. For example, the N97 is getting traction. But, for the most part, it's hard to excite investors in light of the sluggishness. Actually, in Thursday's trading, Nokia's shares plunged 14% to $13.46. Keep in mind that the stock reached $28 within the past year.
Unfortunately, Nokia has a muted outlook for the next quarter -- with mobile phone unit growth at nil. So, while it looks like the demand situation has stabilized, it still does not look like there is a comeback yet.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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