Nokia Corporation (ADR) (NYSE:NOK) chief executive Stephen Elop as good as admitted on Tuesday that the firm had been wrong-footed by the sheer speed of changes that took place in the mobile phone industry.
Talking to Finnish newspaper Aamulehti, Elop said: "We had moments in the past year and a half when we could have done some things differently had we known that the industry was changing so rapidly."
Citing an example Elop said that the rapid fall in prices of Android handsets in China had not been anticipated by Nokia. "It happened so fast that Nokia's situation...
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