Nokia, the world’s biggest cell phone maker, said second-quarter profit dropped 64 percent as the Finnish company struggles to compete in the lucrative smartphone segment against Apple Inc. and phones running Google Inc.’s Android operating system.
On June 16, Nokia issued a profit warning, telling analysts to expect a market share decline this year. On Thursday the Wall Street Journal cited unnamed sources that the company is close to shuffling top management and is currently seeking a new CEO in the United States to replace 30-year veteran Olli-Pekka Kallasvuo.
“It clear that the current situation is very tough at the high end (of the smartphone market) and we don’t expect it to get any easier in the third quarter,” said Kallasvuo in a conference call with analysts on Thursday.
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