Analysts whack Nokia sales estimates… again
Just what Nokia needed: another group of analysts slashing its revenue estimates! In this case, Bloomberg reports that Nomura analysts this morning sent out a research note saying that Microsoft’s decision to upgrade Windows Phone 8 in such a way that the current line of Nokia Lumia devices can’t be updated has further impeded Nokia’s ability to get back on its feet. Nomura now estimates that Nokia will sell 34 million Windows Phone devices in 2013, a whopping 41% cut from the its previous estimates. “We had hoped that Q3 would represent the low point in Nokia’s competitive cycle,” the analysts wrote. “An abandoned strategy in feature phones combined with an apparent increase in competitive pressures in Windows Phone lead us to cut revenue estimates that the recent restructuring announcement does not fully offset.” To make matters worse, Moody’s also downgraded Nokia to “junk” status this week.
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