Nokia changes logo along with strategy
2023.02.26 09:14
Nokia changes logo along with strategy
By Ray Johnson
Budrigannews.com – (NYSE) Nokia as the manufacturer of telecom equipment focuses on aggressive growth, announced plans on Sunday to change its brand identity for the first time in nearly 60 years, complete with a new logo.
The word “NOKIA” is composed of five distinct shapes in the new logo. The old logo’s recognizable blue color has been replaced by a variety of other colors, depending on the application.
In an interview with Reuters, Chief Executive Pekka Lundmark stated, “There was the association with smartphones, and today we are a business technology company.”
He made the remarks ahead of the company’s business update on the eve of the annual Mobile World Congress (MWC), which begins on Monday in Barcelona and runs until March 2.
In 2020, when he took over as CEO of the struggling Finnish company, Lundmark devised a three-stage plan: reset, speed up, and expand. Lundmark stated that the second stage is beginning now that the reset stage has been completed.
Although Nokia intends to expand its service provider business, in which it sells telecom equipment, the company’s primary focus is now gear sales to other businesses.
Lundmark stated, “We had very good 21% growth in enterprise last year, which is currently approximately 8% of our sales, or 2 billion euros ($2.11 billion) roughly.” We intend to quickly increase that to double digits.
In order to sell private 5G networks and gears for automated factories to customers primarily in the manufacturing sector, significant technology companies have formed partnerships with telecom gear manufacturers like Nokia.
Nokia intends to evaluate various options, including divestment, as well as the growth paths of its various businesses.
“The signal is exceptionally clear. Lundmark stated, “We only want to be in businesses where we can see global leadership.”
As Nokia moves toward datacenters and factory automation, they will also compete with major tech companies like Microsoft (NASDAQ:). as well as Amazon (NASDAQ:
“There will be multiple different types of cases, sometimes they will be our partners, sometimes they can be our customers, and I am sure that there will also be situations where they will be competitors,” says the author. “There will be multiple different types of cases.”
The macro environment is reducing demand from high-margin markets like North America and replacing it with growth in low-margin India, pushing rival Ericsson (BS:) under pressure. to fire 8,500 workers.
According to Lundmark, “India is our fastest growing market that has lower margins – this is a structural change.” He also stated that Nokia anticipates that North America will perform better in the second half of the year.
