Nokia Profits Plunge 40% Future Looks Grim

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Nokia who is currently looking for a new CEO has seen it’s profits plunge 40% as it stuggles to compete with HTC, Apple and RIM, maker of the BlackBerry, in the smartphone market.

The profit plunge which was expected as carriers around the world replace Nokia branded phones with those from other manufacturers. 
Nokia said that profits fell 40% in the second quarter of 2010 compared with a year ago. Underlying profits were down 27%.
The Daily Telegraph in the UK said that Nokia’s failure to compete better against Apple’s iPhone and the growing number of handsets running Google’s Android platform has put chief executive Olli-Pekka Kallasvuo in the firing line. The company is reportedly looking for a replacement, with analysts warning that Nokia needs to get its hands on a “European Steve Jobs” if it is to regain its dominant position in the mobile market.
Kallasvuo called for an end to speculation over his future, telling the US television station CNBC that it is damaging the company. “There has been a lot of speculation on my position, on myself, during the last couple of weeks and that is not good for Nokia and must be brought to an end one way or another,” Kallasvuo said. “At the same time, I’m not in a position here and now to really shed any more light on the topic so I guess this is a no comment. I really concentrate now on the task at hand.”
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