Nokia Corporation (ADR) (NYSE:NOK) was killed by Apple Inc. (NASDAQ:AAPL) and its iPhone, Finland’s Prime Minister, Alexander Stubb, told CNBC in a recent interview.
The comment was prompted by the CNBC host asking whether it’s fair to say that the performance of Nokia Corporation (ADR) (NYSE:NOK) can be reflective of the performance of the nation where it originated from.
“A little bit paradoxically, I guess one could say that the iPhone killed Nokia and the iPad killed the Finnish paper industry but we’ll make a comeback,” the top official said.
According to Stubb, other industries that Finland has lost in the past years and which should be nourished back to past levels is the forestry, bioenergy and papers industries.
Nonetheless, the prime minister stressed that Nokia Corporation (ADR) (NYSE:NOK) has made a noteworthy comeback in terms of being a networking equipment company. However, it should be noted that Microsoft Corporation (NASDAQ:MSFT) bought the once-mighty handsets manufacturing business of the past Finnish flagship company for about $7.5 billion earlier this year.
Nokia Corporation (ADR) (NYSE:NOK) has since focused on its networking hardware business. It recently announced a $970 million deal with China Mobile for TD-LTE equipment.
Apple Inc. (NASDAQ:AAPL) launched the iPhone in 2007 and is credited by many industry observers to have started the shift to touch-based larger-screened smartphones. Apple Inc. (NASDAQ:AAPL) released the iPhone 6 and iPhone 6 Plus last month, their latest flagship smartphone.
Jeffrey Tannenbaum’s Fir Tree reported owning about 33.83 million shares in Nokia Corporation (ADR) (NYSE:NOK) by the end of the second quarter.
Carl Icahn’s Icahn Capital Lp had over 52.76 million Apple Inc. (NASDAQ:AAPL) shares by the end of the second quarter. The stake in Apple Inc. (NASDAQ:AAPL) was valued at about $4.9 billion at the time Icahn Capital reported the stake.