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Nokia Corporation (NOK)
Barclays Capital Global Technology Conference Call
December 8, 2011 10:30 am ET
Stephen Elop - President & CEO
Andrew Gardiner - Barclays Capital
Andrew Gardiner - Barclays Capital
Previous Statements by NOK
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And then I'm sure we will have some time for questions from the audience as well at the end of that. But over to you, Steve.
Very good, thank you. I'll just wander over here so I can walk around a little bit. Well, good morning and thank you for joining us here today. It is obviously a very interesting and exciting time in Nokia's journey as we go through this transition, a series of changes and so forth. But I'll tell you there is nothing more gratifying than what is happening to me more and more. Typically in public places someone will come up and they will say what is that and of course what they are asking about is this, which is the Lumia 800 which is the recently released smartphone device.
It happened to me on the way here last evening. Someone came up to me and said what is it, I show it to them, I share a little bit of the experience, the live tiles, how it’s unique, how it’s differentiated and so forth, but the humorous thing that seems to happen a lot is they want to put it in their hand.
They take it out of my hand and there's all my confidential email and all that, there it goes, then their hand and then they do what seems like the Nokia Lumia shake, they sort of just do this little thing with their hand, they shake it a little bit and of course what they are doing is they are feeling the quality and how well it fits in the hand and so forth.
So what I am going to do today is to spend a few minutes talking about the journey we've been on, the strategy changes we are introducing and what we are seeing so far. Before I get into any details I have to of course do the Safe Harbor statement. We had a statement up there a minute ago. You are welcome to read that uncertainties, risks documentation available. I just want to make sure that that's on record. Now the conversations with different people that approach me in airports and public places all over the world really tell some different stories about Nokia. Because Nokia has several different faces to the world. That vary from country to country. And this is very, very important to understand about Nokia as you look at how are moving forward and how we are introducing new products.
For example there is a collection of countries around the world where the Nokia brand is remarkably strong where people walk in the stores not looking for phones, but they are looking for Nokias. Sometimes they buy a Samsung Nokia, but they are looking for Nokia. China, India, Russia, Brazil, Mexico, the Middle East, Africa, many regions of the world but the Nokia brand is very, very strong. As we introduce new strategies, new products and so forth in markets like that it’s a very different cadence through which we have to go. We have many loyal consumers who we have to transition in the new platforms.
It is a very different conversation. There is a second group of countries where our brand has recently been strong but we have been under significant competitive threat from Android, from iPhone where we have seen market share decline. We were having to claw our way back as we introduced new strategies. In particular here I am referring to the European countries, whether it is the United Kingdom, France, Germany what have you. Those are markets where our current market share has declined substantially and we are in a position where we have recency like over the last couple to three years we have had very significant market share positions. But right now we are in a tough spot and we have to fight back and therefore our strategies and approaches in those markets need to be quite different.
And then of course there is a third set of countries relatively small set of countries, but nonetheless very important and it is those countries where our brand is virtually unknown or only a faint memory. The United States is a good example of that and clearly that says that as we go forward our strategy for entering markets like the United States needs to be different from the European markets and needs to be different from those countries where we have tremendous brand strength. In recognition of all of this and in recognition of the changes in the market place, we undertook early in 2011 a very significant analysis around what do we need to change in the company and it was on February 11, that we announced our new strategy to begin to pursue these markets in different ways.