Nokia said the agreement covers Panasonic’s LTE/3G wireless base station system business for mobile operators and related wireless equipment system business. Financial terms of the agreement were not disclosed and the companies hope to have the deal sealed by the end of September, with expected closure scheduled on January 1, 2015.
Hossein Moiin, chief technology officer at Nokia Networks said in statement that his company believes LTE Broadcast is a technology well suited to distribute TV and broadcast services and will help "expand the benefits of mobile internet to everyone while evolving the TV viewing experience.”
Nokia Networks said that its forecast has improved on operational efficiencies gained from the sale of its handset unit to Microsoft. The company expects underlying profitability for Networks to be at or slightly above its long term target range of 5 to 10 percent for the full-year 2014.
Losses at Nokia cut 8 cents per share from earnings. Microsoft lost another net 3 cents on restructuring and tax-related items. Excluding those items, earnings hit 66 cents per share, beating the 60 cents expected by analysts polled by FactSet.
Of the 18 analysts who gave their rating on Nokia stock, Reuters reports that eight were positive, seven negative, and three neutral. Nokia is up against a rising Ericsson, which despite curtailing LTE rollouts in the United States, still managed to beat second-quarter expectations for revenue and margins.
Panasonic provides wireless control systems and related equipment to mobile communication carriers such as NTT Docomo Inc. through a subsidiary, Panasonic System Networks Co. Competition has been intensifying with domestic and overseas providers of base station equipment, including NEC Corp. and Fujitsu Ltd.
Microsoft is putting an end to its fledgling Android-based Nokia X line and targeting its Lumia brand toward the low-cost smartphone market. Over the next year, Devices VP Stephen Elop said 12,500 factory and professional employees within the Nokia unit will lose their jobs. The losses at Nokia are part of the 18,000 company-wide layoffs Microsoft anticipates over the next year.
REDMOND, Wash. (AP) — Microsoft says it will eliminate up to 18,000 jobs over the next year as it works on integrating the Nokia devices business it bought in April. With the Nokia deal, Microsoft's employee headcount rose from about 99,000 last year to 127,000 as of last month.
Today HERE, a provider of mapping and location intelligence, completed the acquisition of Medio Systems Inc., a Seattle-based company dealing in the emerging field of real-time predictive analytics. The terms of the transaction are confidential.
“With SAC Wireless’ capabilities complementing our own in-house expertise, we are well positioned to bring enhanced quality and increased end-to-end delivery efficiency to our customers. No other infrastructure provider is offering this level of proven services,” Corker said.
HERE, Nokia’s navigation, mapping and location services venture, today announced that it will acquire Medio, a real-time predictive analytics company. By integrating Medio’s smart data, HERE wants to enable features like individualized restaurant recommendations or providing custom routes based on a driver’s habits and real-time traffic conditions. HERE CEO Michael Halbherr calls its “cognitive mapping.”
Honeywell, managing home comfort and security for 125 years, is today launching the Lyric thermostat. The Lyric thermostat knows when you are coming and going, based on smartphone location, to deliver comfort when you’re home and savings when you’re away.
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.
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.