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Edition: U.S. Article Comments (1) Save Email Print Reprints Most Popular Most Shared Police barred from penis enlargement 23 Apr 2010 WRAPUP 3-U.S. Coast Guard sets oil slick ablaze 28 Apr 2010 Thai protesters on defensive after storming hospital | Video 8:55am EDT Global stocks, euro rise on hopes for quick Greek aid | Video 7:38am EDT U.S. starts criminal probe into Goldman: source 9:08am EDT Judge from Montana interviewed for Supreme Court 29 Apr 2010 Euro rises broadly on Greek aid package hopes 9:41am EDT Fearful British parents keep kids closer than ever 29 Apr 2010 Germany sees private sector helping Greece | Video 11:47am EDT Apple's Jobs slams Adobe's Flash technology 29 Apr 2010 Police barred from penis enlargement 23 Apr 2010 Battle on to protect shore from massive oil spill | Video 11:37am EDT Thai protesters on defensive after storming hospital | Video 8:55am EDT Vitamin D in pill form may cut breast cancer risk 29 Apr 2010 Factbox: Illegal immigration in the United States 29 Apr 2010 UPDATE 2-Chavez exhorts leftists Fidel, Morales to Twitter 29 Apr 2010 Apple's Jobs slams Adobe's Flash technology 29 Apr 2010 BP CEO says will pay oil spill claims | Video 10:54am EDT U.S. starts criminal probe into Goldman: source 9:08am EDT "Cougar effect" boosts lingerie sales 29 Apr 2010 Wounded Nokia chief to face frustrated investors Tarmo Virki, European technology correspondent HELSINKI Fri Apr 30, 2010 5:32am EDT Related News HP-Palm deal fresh blow to Asian smartphone laggards Thu, Apr 29 2010 HP-Palm deal fresh blow to Asian smartphone laggards Thu, Apr 29 2010 HP to buy Palm in bet on smartphone arena Thu, Apr 29 2010 Palm hands HP entry into pivotal smartphone market Wed, Apr 28 2010 Nokia unveils new flagship phone Tue, Apr 27 2010 Nokia's CEO Olli-Pekka Kallasvuo makes a speech during Capital Markets Day at Dipoli Conference Centre in Espoo December 2, 2009 file photo. Credit: Reuters/Lehtikuva/ Pekka Sakki HELSINKI (Reuters) - Nokia Chief Executive Olli-Pekka Kallasvuo will next week face shareholders who are frustrated more than ever before. Technology | Media The share price of the world's largest cellphone maker has missed the market recovery. The firm will be one of the few to miss profit growth in 2010, the year of economic recovery, and software problems continue to haunt its smartphone lineup. It means Kallasvuo, who has spent more than half of his life at the company, could give his last speech to shareholders if Nokia cannot roll out a serious challenger to Apple's iPhone for the key holiday-sales season at end of the year. The track record shows the chances are slim -- Nokia's last hit smartphone model was unveiled in 2006, the year when Kallasvuo, a long time company lawyer, took over at the helms of the Europe's top technology firm. One year after iPhone's 2007 launch most smaller rivals have rolled out similar models. Last week Nokia delayed Symbian 3, its software platform revamp seen as a first step to make its smartphones competitive again, triggering a sell-off in its shares. Analysts say there is more downside likely ahead. "We are waiting for Wall Street to swing into panic mode regarding Nokia sometime during this spring or summer - this happened over the earlier platform transition screw-ups in 1997, 2001 and 2004," said MKM Partners' Tero Kuittinen. After a blogger in Russia unveiled a critical review of the first phone using the new software, the company this week rushed out details of its new flagship N8 model, which failed to impress the market. TIME FOR NEW BLOOD? Analysts say Nokia could in the near future replace Kallasvuo -- who himself has done a reasonable job -- to soothe investors. "It feels like it would please the investors," said Gartner's Carolina Milanesi. Analysts at Jefferies cut Nokia's rating to "underperform" last week after the earnings report, saying: "Much appears amiss still with Nokia -- pressure on management may yet precipitate changes, a potential crumb of relief amidst the gathering gloom." Alan B. Lancz, president of wealth management firm Alan B. Lancz & Associates, which holds Nokia stock, says investors are frustrated. "Symbian 3 really concerns me," Lancz said. "If next quarter we see these delays and declines in margins -- the management will feel more and more pressure." Lancz, and remaining analysts with buy recommendations, base their rating on Nokia's valuable assets. The company has strong assets in manufacturing and it is well positioned across emerging markets. Its brand -- built in the 1990s on easy-to-use, durable, relatively simple mobile terminals -- is among the highest valued globally. CONNECTING SOME PEOPLE IN U.S., ON THE WEB When taking over the company Kallasvuo made one big promise -- he would focus fully on fixing Nokia's problems in the United States, spending a week each month on the problem. At a time Nokia was struggling in the single largest phone market -- its market share there was just 20 percent, compared to global market share of around 35 percent. Now Nokia has just 7 percent of the U.S. market, according to Strategy Analytics. "After a decade of continuous decline in the U.S., investors are right to ask whether Nokia really has the desire to fix the problem," said Neil Mawston, analyst at Strategy Analytics. The big strategic shift under Kallasvuo's management -- to build up Internet services offering -- has so far cost more than $10 billion to shareholders, but signs of payback are limited. Some of the new services have failed to gain traction, some other Nokia has ended or outsourced. None have come close to matching the success of Apple's App store. Analysts doubt Nokia will reach its 2011 targets of 300 million users or annual revenues of 2 billion euros, and the company has admitted most of revenues would likely come from smartphone unit, which has to internally pay for services installed on the phones. Technology Media Comments See All Comments (1) | Post Comment Apr 30, 2010 9:58am EDT Nokia CEO Olli-Pekka Kallasvuo’s(OPK) present predicament reminds me of a famous childhood story: “The Boy Who Cried Wolf!”. OPK has for the past three years, i.e., ever since Apple launched its revolutionary iPhone in June 2007, kept on “promising Nokia’s iPhone Buster or Killer” to be launched soon! Just as it happened in the story about the boy, who cried wolf, all investors rallied behind OPK and kept on believing in him and ran to his help. Now, investor patience has run out. They are not ready to rally around OPK any more or to run to save him. OPK’s credibility has vanished. So, when OPK declared last week that Nokia’s answer to the iPhone will be delayed and may probably come out sometime next fall, no one believes in him any more. This is exactly, what happened in the story to the boy. Once, when he saw a real wolf and he cried out loud “WOLF”, no one came to save him. And the boy was killed by the wolf. Sadly, enough, it appears that OPK will face the same fate as the boy, who cried wolf. Lesson: You can fool some people for some time. But you cannot fool all people for all time. ulludapattha Report As Abusive See All Comments (1) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. More from Reuters Battle on to protect shore from massive oil spill VENICE, Louisiana (Reuters) - A huge spreading oil spill in the Gulf of Mexico washed up to coastal Louisiana wildlife and seafood areas on Friday and the U.S. government and military struggled to avert what could become one of the nation's worst ecological disasters. | Video Consumers step up spending, bolstering growth | Video Germany sees private sector helping Greece | Video U.S. starts criminal probe into Goldman: source Chevron profits jump on oil price Massey, mining regulator under FBI probe: report » More Top News Bernd Debusmann: In praise of immigrants The United States owes Latin American immigrants a debt of gratitude. But Latin American immigrants owe a debt of gratitude to lawmakers in Arizona. 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Commentary Buffett ready to discuss Goldman woes At gala, all that glitters is not Goldman Buffett values in the spotlight Factbox: Buffett's good bets, bad bets Warren Buffett © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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