A private memo from Nokia's ( NOK ) chief executive officer, Stephen Elop, slams the company for falling behind in the global race to build the best, most popular phones. Tech website Engadget - a part of AOL's ( AOL ) sphere of online media - leaked the memo on Tuesday night, sending shockwaves through the global mobile phone industry.
"The first iPhone shipped in 2007, and we still don't have a product that is close to their experience. Android came on the scene just over 2 years ago, and this week they took our leadership position in smartphone volumes," reads the memo in part. "Unbelievable."
Citing the company's lack of innovation, internal issues and aging Symbian operating system, Elop suggested that "our platform is burning," and that the company is pouring gasoline on the flames.
Long known as a innovator in hardware design and so-called "dumbphone" building - it makes the most popular phone in the world - Nokia has fallen behind in the smartphone battle. As web-enabled phones with social networking, app and online functionality become the norm, Nokia will have to fight to keep its market share; its Symbian OS was recently eclipsed by Google's ( GOOG ) Androd in terms of total global market share.
However, the company's ADR's actually surged more than 2 percent in U.S. trading today, suggesting that some see a turnaround for the embattled Finns.