Nokia Finacial problems and its possible solutions Essay

Nokia Finacial problems and its possible solutions - Essay Example In 1994, Nokia Tune was launched, which gave new technology to the cell phone industry. In 1994, the company introduced the world’s first satellite phone technology and made the first call using this technology. In 1997, the game Snake was put onto a cell phone for the first time. This was one of the first phones to feature a video game, which was a significant development at the time. In 1998, Nokia took over as the worldwide leader in cell phone sales. This is a significant feat because it was originally such a small company from such a small country. Furthering the technology that it had produced, Nokia brought out N-Gage, which is a multiplayer mobile gaming unit. In 2005, the billionth Nokia phone was sold, while global mobile phone subscriptions passed the two billion mark. Currently, the President and CEO of the company is Olli-Pekka Kallasvuo, while Jorma Ollila remains the Chairman of the Board. Currently, Nokia has taken a bit of a hit on its public relations side. Troubles with the networks equipment division of the company made it necessary for it to streamline that division. This led to layoffs and organizational restructuring, which hurt the company’s image in Finland, leading to a number of court cases against the company and even a documentary television show that portrays the company in a negative manner. Despite this, however, the company has grown a phenomenal amount since its beginning and also since its move into the cell phone business. On June 19, 2006, Nokia announced that it and Siements AG would merge their mobile and LAN line phone networks in order to create one of the world’s largest networks. Under this agreement, each company would have a 50% share of the new company, which would have its head office in Helsinki, Finland and would be called Nokia Siemens Networks. This new company expect annual sales to reach â‚ ¬16 billion and