Nokia Bets On Smartphones To End Profit Freefall

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Nokia is to introduce new smartphones next week at its annual media and industry event in London, in a bid to recover its position and assure investors that it is on track to recovery, according to the Reuters newsagency.

The company, which saw its profits plunge 40 percent in the second quarter of 2010 as it struggled to compete with Apple, RIM and HTC, owns 40 percent of the mobile phone market with its Symbian operating system. However, its failure to roll out high end smartphones has hit profits and share price hard over the last few years. 
Nokia, the world’s biggest mobile maker by volume, will unveil its new flagship model E7 at the London show on September 14. It which comes with a large touchscreen and full keyboard.
It will also introduce its new N8 model, which is the first phone to use the new Symbian 3 software, along with other new smartphones, according to Reuters.
The N8, which was unveiled in April, stands out among its rivals for its 12 megapixel camera but has a slower processor than Samsung’s top model Galaxy S and the latest iPhone.
Nokia’s Symbian operating system has yet to attract a large number of software developers interested in creating compatible applications, a key selling point for high-end mobile phones.
Last year, Apple surpassed Nokia as the handset maker generating the largest total profit, despite selling only one iPhone for every 13 phones Nokia sells.
Nokia is now betting on the renewal of its line of smartphones, which could save the career of embattled CEO Olli-Pekka Kallasvuo.
Kallasvuo, whom industry sources say Nokia is looking to replace, has promised the usability of Nokia’s Symbian smartphones would not be an issue by the end of this year.
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