On Sunday, Nokia announced its ambition to modernize its corporate identity for the very first time in almost 60 years.
The new logo is comprised of five unique forms that spell out NOKIA. The once-iconic blue color of the previous logo has been replaced with a range of colors, depending on the context.
Nokia Releases New Logo
There was an association with cellphones, but we are now a commercial technology company, said CEO Pekka Lundmark in an interview with Reuters.
On the eve of the annual Mobile World Congress (MWC), which begins in Barcelona on Monday and continues through Tuesday, March 2nd, he delivered a speech in preparation for the company’s business update.
Following assuming leadership of the struggling Finnish company in 2020, Lundmark devised a three-stage strategy: reset, accelerate, and grow. Lundmark stated that the second step has begun now that the initial phase has concluded.
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Service Provider Expansion
Nokia still intends to expand its service provider business, in which it sells equipment to telecom firms, but it is now primarily focused on selling equipment to other industries.
Last year, our enterprise division grew by 21%, which represents nearly 8% of our revenues, or almost 2 billion euros, Lundmark said. We want to achieve double-digit growth as rapidly as possible.
Leading technology companies have partnered with telecom equipment manufacturers such as Nokia to market private 5G networks and equipment for automated factories to manufacturing industry customers.
Nokia plans to analyze the development of each of its divisions and consider strategic options including spinoffs.
The signal is really strong. Lundmark stated that we are only interested in enterprises where we can observe global leadership. Nokia’s approach toward factory automation and data centers will also put them in competition with Microsoft (MSFT.O) and Amazon.com (AMZN.O).
The market for the sale of telecom equipment is under pressure due to a macro climate that is dampening demand from high-margin areas, such as North America, and being substituted by growth in low-margin India, which has prompted Ericsson’s competitor to lay off 8,500 staff.
India is our fastest-growing market with the lowest margins; this is a fundamental shift, according to Lundmark, who added that Nokia anticipates North America to be stronger in the second part of the year.
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