ILL TIDINGS: Sales slumped in Nokia’s handset business during the quarter as its Lumia smartphones failed to draw business away from larger competitors like Apple and Samsung. Microsoft is buying the unit for $7.2 billion.
WHAT’S NEXT: Nokia Chairman and acting CEO Risto Siilasmaa described the fourth quarter as a watershed for the Finnish company, which will focus on the smaller divisions it will have left after the Microsoft deal. The company expects growth in its networks division, especially in China, Africa and possibly the Middle East, but gave few details.
BACK STORY: Nokia’s handset business has declined steadily in recent years. It’s been hurt by competition from the iPhone and Samsung smartphones as well as from cheap producers of mobile phones in Asia.