Nokia up on revamp hopes, E7 starts deliveries

HELSINKI Mon Feb 7, 2011 10:40pm IST

The Nokia Research and Development Centre is seen in Helsinki April 11, 2008.  REUTERS/Bob Strong/Files

The Nokia Research and Development Centre is seen in Helsinki April 11, 2008.

Credit: Reuters/Bob Strong/Files

Related Topics

HELSINKI (Reuters) - Shares in Nokia Oyj, the word's largest cellphone maker, jumped to a four-month high as a delayed top of the range model finally started deliveries and hopes grew for a strategy revamp due later this week.

A magazine report said Nokia was likely to sack several executive board members in a management rejig, raising hopes for a shakeup of the underperforming company to be unveiled by Chief Executive Stephen Elop on Friday.

"It is not just the expectation on executive board changes, but general strategy lines, anticipation of new things," said analyst Hannu Rauhala at banking group Pohjola. "The current strategy has not brought the expected results. A new strategy would give a new chance."

Nokia shares were 3.1 percent higher at 8.38 euros by 1612 GMT, having risen as high as 8.42 euros, their highest since October.

Nokia said it had started deliveries of its delayed top-of-the range E7 model, a key product for the Finnish firm as it tries to recover ground lost to Apple and Google in the smartphone market.

A weak offering of smartphones and software problems were seen as the main reasons for Nokia replacing CEO Olli-Pekka Kallasvuo last September with Elop from Microsoft.

The E7 is expected to be the top sales generator in 2011, a senior company official was quoted as saying in Finnish daily Kauppalehti.

"The E7 is by far the most important model for us this year when looking at sales expectations," Ukko Lappalainen, a senior Nokia official was quoted saying.

Nokia had postponed the rollout of the E7 in December "to ensure the best possible user experience".

The E7 is similar to Nokia's N8 model but has a full slideout keyboard. The N8 was also delayed and, after launch, Nokia admitted some of the phones had power problems.

(Additional reporting by Terhi Kinnunen and Jussi Rosendahl; Editing by Will Waterman and David Holmes)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Pictures of the dead

Reuters Showcase

Expansion Target

Expansion Target

Snapchat in talks to expand services - WSJ.  Full Article 

Samsung Deal

Samsung Deal

Samsung buys U.S. air conditioner firm Quietside in "smart home" push.  Full Article 

Ballmer Quits

Ballmer Quits

Ex-CEO Ballmer quits Microsoft board to focus on NBA's Clippers.  Full Article 

Silicon Valley Women

Silicon Valley Women

Despite lip service, Silicon Valley venture capital still a man’s world   Full Article 

Cyber Attacks

Cyber Attacks

U.S. government's nuclear watchdog victim of cyber attacks - report  Full Article 

'Heartbleed' Bug

'Heartbleed' Bug

U.S. hospital breach biggest yet to exploit Heartbleed bug - expert  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage