Nokia downgrades sales forecasts thanks to 'competitive environment' (aka, 'doing business')

Look, Nokia, don't sweat it: no one could've ever predicted that Android would get more awesome, or that Apple would announce another iPhone. Sit down, let us bring you a cup of hot chocolate, you'll feel better... goodness, the mobile industry is filled with more wild plot twists than a Univision telenovela, isn't it? Unfortunately, your shareholders might be a little less understanding of the fact that you still haven't wrapped your noodle around the rapidly-changing smartphone market some three and a half years after the introduction of the original iPhone, or that you're blaming "shifts in product mix towards somewhat lower gross margin products" in part for your forecast downgrade -- even though you've been very candid about your desire to move the company's focus toward emerging markets. Why you can't manage to cobble together a competitive operating system with your overwhelming market share, cash, and resources is a bit of a mystery, but maybe it'll all make sense by the time you release second-quarter earnings on July 22.

Follow the break for the somber press release.Continue reading Nokia downgrades sales forecasts thanks to 'competitive environment' (aka, 'doing business')Nokia downgrades sales forecasts thanks to 'competitive environment' (aka, 'doing business') originally appeared on Engadget on Wed, 16 Jun 2010 15:56:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments

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