Last week saw Nokia release its latest quarterly earnings report, and as expected it made for grim reading, with the company having lost a full $1bn over the three months – though that was offset by royalties
However, boss Stephen Elop for one is still a believer, and believes Nokia can carve a niche out for itself as the “where” company of the mobile industry.
Nokia's Q2 results did have a few plus points, including better than expected feature phone sales, and an increase to its smartphone average selling price – and indeed the company's stock price jumped 19% on the back of the results.
But serious concerns remain. Nokia continues to struggle in the US, a market crucial to the company's long-term prospects. And with cash reserves starting to dwindle, Nokia is running out of options.
However, Elop remains confident things will improve, and says the secret is to establish itself as the dominant force in location-based services – the “where” company, much like Google cornered the “what” market and Facebook the “who”.
“We could be a leader,” Elop suggests, saying the arrival of both Windows Phone 8 for smartphones and Windows 8 for tablets and PCs over the next few months will prove a “catalyst” for Nokia's devices and services.
Elop isn't willing to divulge any specifics at this stage on how exactly Nokia plans to achieve its ambitions, but given the company's traditional strength when it comes to services and geo-location technology, it's not entirely a fool's hope.
The problem is that Nokia's rivals aren't exactly standing still themselves, and given the drastic cuts to staff and spending over the last year, the company simply might not have the means to make Elop's dreams a reality.