Former Nokia CEO Stephen Elop will receive $33 million in cash and stock as he leave the Finnish handset maker for his new home at Microsoft. As Reuters pointed out, the compensation is 25 percent higher than what Nokia had originally expected to pay Elop. The boost is due to a surge in the Nokia's share price.
Nokia Corp. reported Tuesday another drop in sales in the troubled devices unit it sold to Microsoft, but its shares rallied as it named a new CEO, promised a special dividend, and prepared to focus on its remaining businesses. Reporting its last quarter to include cellphones, Nokia said Tuesday that net loss in the period was 239 million euros compared with a loss of 272 million a year earlier.
Nokia today announced it has completed the sale of its Devices & Services business to Microsoft. The deal, valued at $7.2 billion when first announced in September 2012, closed at $7.5 billion. Taking into account adjustments for networking capital and cash earnings that were positive for Nokia, the Finnish company expected the deal to close slightly higher than where it is at currently.
Microsoft today announced its acquisition of Nokia’s devices and services business will close Friday, with some changes to the original deal. Detailed in a blog post, the alterations affect Nokia’s web and social media presence, exchange of property, and additional employees moving from Nokia to Microsoft.
China has finally approved Microsoft's acquistion of Nokia's devices and services business. On China's Ministry of Commerce website, the Ministry said it would go along with the deal but tacked on a few conditions regarding pricing around the use of Nokia's significant patent portfolio.
Microsoft CEO Satya Nadella is moving his executive teams around and appointing former Nokia CEO Stephen Elop as the executive vice president of the devices group. Elop, who had been rumored as a candidate to replace recently depart Microsoft CEO Steve Ballmer, will report directly to Nadella in his new role. Elop will also have a hand in developing the Xbox, according to Reuters.
In the market for smartphones, Microsoft's Windows Phone 8 system is barely there. It's dwarfed by Apple's iOS and Google's Android systems in both attention and sales. But over the past few months, I have come to appreciate many of the software's innovations...
Nokia said Microsoft’s plans to buy the Finnish handset giant’s devices and services business has already earned regulatory approval from the European Commission and the U.S. Department of Justice. But antitrust authorities in Asia continue to review the transaction, causing the companies to delay the expected closing date.
Nokia introduced three new low-cost smartphones—the Nokia X, X+ and XL—that are based on Android Open Source Project (AOSP) and look like modified Windows Phones. As rumored, Nokia took the Android plunge at Mobile World Congress with a trio of colorful dual-SIM handsets that start at approximately $122.
Nokia today announced the Lumia Icon, its new 5-inch Windows Phone flagship. Besides having a name that’s easier to remember than your typical Nokia, the Icon packs a 2.2 GHz quad-core Snapdragon 800 processor, Adreno 330 GPU, full HD OLED display and Nokia’s 20MP Pureview camera.
In a press release Monday, Nokia and HTC announced that they have settled all pending patent litigation between them, and entered into a patent and technology collaboration agreement. According to the release, HTC will make payments to Nokia and the collaboration will involve HTC's LTE patent portfolio, further strengthening Nokia's licensing offering.
Mobile World Congress isn’t for every phone maker. Hyped-up standalone product events from big players like Apple and Samsung have discouraged many companies from using annual trade shows as a venue for product announcements. Still, a few struggling OEMs could use the boost a high-profile MWC turn can provide, and more will show off products just to parse out the sheer volume of devices they’ll be launching during the coming year.
LOS ANGELES (AP) — Microsoft Corp. reported revenue and earnings for its fiscal second quarter that topped Wall Street expectations, as the company sold 3.9 million Xbox One consoles to retailers and doubled revenue from its line of Surface tablets from a quarter earlier.
In the final quarter before Microsoft is due to take ownership of its device business, Nokia saw the unit’s sales drop 29 percent annually while profits continued to sink into the red. Microsoft is buying Nokia’s handset business for approximately $7.4 billion. The transaction is expected to close near the end of the first quarter.
Nokia today said that the head of its Nokia Solutions and Networks (NSN) business will step down immediately following Micrsoft's acquistion of the company's devices and services divisions. Jesper Ovesen, currently executive chairman of NSN, will leave upon the closing of the Microsoft transaction, which is expected to take place during the first quarter of 2014.
In this five part video series, Wireless Week editors Andrew Berg and Ben Munson will count down the top headlines of 2013. Be sure to catch each installment, as we make our way through all the biggest news events from the past year! In case you missed them, check out the previous installments.
This may be remembered as the year smartphones became boring. Although high-definition displays on smartphones have gotten bigger and their cameras have gotten better, the pace of gee-whiz innovation has dawdled. martphone and software makers are working on ways to snap out of this technological lull...
Joaquin Almunia said in a speech in Paris on Monday he had approved the $7.2 billion sale as not presenting problems on Microsoft's side, but there is a danger Nokia will now attempt to "extract higher returns" from its patent portfolio. "In other words...behave like a patent troll, or to use a more polite phrase, a patent assertion entity."
The Department of Justice has granted its blessing to Microsoft’s acquisition of Nokia. A Federal Trade Commission filing released today confirmed the DOJ’s approval of Microsoft’s proposed $7.2 billion bid to buy Nokia’s devices and services division as well license Nokia’s patents.
A team of ex-Nokia engineers is launching a smartphone based on the former world No. 1 cellphone maker's old software, hoping to grab a share of a highly competitive market. The Jolla handset's Sailfish operating platform is based on MeeGo software, which Nokia abandoned in 2011 when it switched over to using Microsoft Corp.'s Windows system.
I find giant phones hard to carry and use, but I'm well aware that many people like the bigger images and text they offer. These so-called phablets, with screens measuring about 6 inches diagonally, are nearly as big as the smallest tablets. Unlike tablets, they can make phone calls over cellular networks.
Nokia says its headquarters near the Finnish capital will be taken over by Microsoft on completion of the sale of its cellphone and services division to the U.S. software company, expected in early 2014. The majority of the 1,900 workers, in the devices and services, unit will remain in the building in Espoo as employees of Microsoft Corp.
Boku has acquired Qubecell, a direct carrier billing provider in India. The acquisition of Qubecell provides Boku with direct carrier billing connections with four of the largest carrier networks in India along with a number of key local merchant relationships. Financial terms were not disclosed.
Nokia shareholders have given the OK to sell the company’s mobile phone business and license its patents to Microsoft. The Financial Times said an overwhelming 99.7 percent of Nokia investors were in favor of the $7.2 billion deal. In September, Nokia shares soared on news of Microsoft’s proposed deal.
HELSINKI (AP) — From mobile phones to mobile games. Finland has found there's life after Nokia in a bustling startup scene that's produced hugely popular game apps from "Angry Birds" to "Clash of Clans." Mobile gaming is fast becoming the Nordic country's new flagship export industry, with revenues expected to double to 2 billion euros ($2.7 billion) this year.