Nokia CEO Stephen Elop has denied rumours that suggested that the company was in talks with Microsoft for a buy-out deal.
Nokia’s stock has taken a battering at the stock markers, bringing the stock price to a 13 year low at one point. The price drop was fuelled by an announcement made by Nokia about low profit margins in this quarter due to falling mobile phone sales.
The company had been struggling with competition from both Apple, Google and other Smartphone players had remained strong in the feature phone market. But both Europe and Asia are being flooded by cheap feature phones that are siphoning market share from Nokia.
Financial pundits and consumers are having a go at Elop for making a deal with Microsoft on Windows Phone 7 and abandoning Symbian and Meego.
This gave rise to the rumours Nokia’s week outlook had something to do with the company being in possible acquisition talks with Microsoft, which just acquired Skype for over $7 billion.
Stephen Elop, speaking during the D9 conference hosted by All Things D, denied the acquisition rumours, dismissing them as ‘completely baseless’.
“There's absolutely no discussion. The rumours are baseless. It is as clear as that. My principal focus and the focus of the team is to take care of the short term but make sure that the execution is flawless” Elop said.