In yet more bad news for Nokia, shares of the Finnish company have dropped to a 17-year low. Once a giant in the telecomm industry, Nokia has shrunk to previously unimaginable lows, with its stock falling 14 per cent in one week.
At the time of writing, Nokia was trading at $1.79 (£1) a share, with a valuation of $6.72 billion (£4.3 billion). That represents an incredible 98 per cent decline from its peak value in 2000 - the same year its iconic 3310 handset was released.
In addition to falling behind as the smartphone market exploded, the company has made blunders in trying to recover. For instance, the recent announcement that its three-month-old line of Lumia handsets would not be upgradeable to Windows Phone 8 in the autumn proved unpopular, to put it mildly. In turn, investors are simply not interested in the Finnish company.
Rumours surrounding Nokia’s future have been swirling for months. Recent reports suggested that the company would be broken up into separate divisions, with Microsoft or Samsung swooping in to purchase its mobile arm. Neither company has yet to make a statement to that effect.
This recent slump in stock has led some analysts to suggest that a bankruptcy filing is likely on the horizon for the company.
Regardless of what happens, it’s like a major announcement will be coming out of Espoo soon.