Obviously, we still have Nokia and Nokia is still one of the largest companies in Finland. However, it is not the same since Nokia sold its mobile phone business to Microsoft.
Who remembers this little guy? If you happened to drop it on the floor, it was morelikely that the floor under it would break than this phone. Today, when we live the age of smartphones, I bet that many people are missing those long lasting batteries and durable displays.
Nokia sold these (Nokia 3310) phones approximately 126 million units and it’s one of the most selling phone throughout the times. On the list of the best-selling mobile phones, Nokia have 21 places. But the most recent placement is from the year 2009, and as you can see from the list that was the year when Apple entered the market with great breakthrough.
Nokia’s net revenue was over EUR 51 billion in the year 2007. According to Tuomas Kangasniemi’s article in Finnish technology and economy magazine (Tekniikka & Talous, 24.1.2008 klo: 16:30), Nokia’s net revenue in 2007 was 13 % higher than the Finnish government budget on the following year. Kangasniemi writes that Nokia’s operating income without taxes exceeded EUR 8 billion, which is about 5 % from the Finland’s gross domestic product. Kangasniemi also compares that Nokia’s 51 billion net revenue was higher than the gross domestic product of Kuwait, Estonia or Slovenia at that time.
Nokia’s stock price development 1996-2016
Referring to Bloomberg Businessweek, Finland’s unemployment rate is the highest among the Nordic countries because of the Russia’s sanctions, declining of the Finnish paper industry and of course, one of the reason why Finland’s economy has weakened, is the breakdown of Nokia’s electronics business.
Nokia had 24 495 employees in Finland in the year 2000. In 2014, Nokia had only approximately 6 855 employees in Finland. In a small country like Finland, that’s a huge difference. As mentioned earlier, Nokia is on the second place on the list of the biggest companies by net revenue in Finland, right after Neste Corporation. So for now, Nokia’s golden years are over but it’s still a really large company here in Finland. And as the Adweek magazine mentions, Nokia’s ringtone, the Nokia tune, still rings about 20 000 times every second worldwide.
If you want to know more about Nokia and its impacts on Finland, I recommend you to read the book: Nokia – A Big Company In A Small Country. You’ll find it from here https://www.etla.fi/wp-content/uploads/2012/09/B162.pdf.
On the other hand, if you are interested to read about Nokia’s declining, I suggest you to read the book: The Decline and Fall of Nokia written by David J. Cord.