Nokia Changes Its Logo To Indicate A Shift In Its Phone Business Strategy

Nokia Oyj, a Finnish manufacturer of 5G technology, has updated its emblem in an effort to distance itself from the mobile phone industry, which it abandoned over ten years ago. The redesigned brand was unveiled on Sunday along with a new set of strategic pillars meant to facilitate speedier expansion as the globe embraces fifth-generation mobile technology at an accelerating rate. In an interview conducted on Saturday in preparation for the Mobile World Congress in Barcelona, Chief Executive Officer Pekka Lundmark stated, "In most people's views, we are still a successful mobile phone brand, but this is not what Nokia is about. "We aim to introduce a new brand that is heavily emphasising networks and industrial digitization, which is something entirely different from the legacy mobile phones."  HMD Global Oy continues to sell mobile devices with the Nokia name. Once Microsoft Corp., who acquired the company in 2014, stopped using the name, HMD obtained the licence. In addition, Lundmark stated that Nokia will concentrate on expanding its market share in its business of providing network equipment to wireless service providers. He said that Nokia now had "the weapons and the means" to increase market share without reducing profit margins. Restrictions placed on Huawei Technologies Co., a Chinese rival, aided with this since some European countries had prohibited the business from supplying components for 5G networks. Nokia also intends to accelerate the expansion of its business providing businesses with private 5G networks. The CEO stated that the enterprise division's next goal is to develop the division "to double-digit" levels, mostly through organic growth and smaller acquisitions. The enterprise division attained an 8% proportion of Nokia's top line last year. Nokia, however, decided against imitating its main rival Ericsson AB, whose $6.2 billion purchase of Vonage Holdings Inc. was inspired by a similar ambition to grow the business side. Nokia just ended its more than ten-year struggle in junk status by regaining an investment-grade BBB- rating from S&P Global Ratings. Lundmark believes there is still more to be done, particularly with regard to the operational margins of the business.