While the manufacturer of telecom equipment concentrates on ambitious growth, Nokia announced plans to alter its brand identity for the first time in nearly 60 years on Sunday, complete with a new logo.
A brief about for the first time in 60 years, Nokia changes its iconic logo
The word Nokia is represented by five different shapes in the new logo. Depending on the purpose, the previous logo’s signature blue colour has been replaced with a variety of colours.
According to Chief Executive Pekka Lundmark, “There was the association to cellphones and today we are a business technology company.”
On the eve of the annual Mobile World Congress (MWC), which begins in Barcelona on Monday and lasts until March 2, he was addressing before to a business update by the company.
Lundmark devised a three-stage strategy in 2020 after assuming leadership of the faltering Finnish business. The stages were reset, accelerate, and scale. Lundmark stated that the second stage has started now that the reset stage is over.
Nokia’s primary focus is now on selling equipment to other firms, though it still hopes to expand its service provider sector, where it sells equipment to telecom companies.
According to Lundmark, “We achieved really good 21% growth in enterprise last year, which is presently about 8% of our revenues, (or) 2 billion euros ($2.11 billion) roughly.” We want to increase that to double digits as soon as we can.
To sell private 5G networks and equipment for automated factories to consumers, particularly in the manufacturing sector, major technology companies have partnered with telecom equipment manufacturers like Nokia.
Nokia intends to evaluate the development of each of its companies and explore all available options, including divestiture.
“There is a strong signal. We only want to work for companies where we can observe global leadership, according to Lundmark.
Nokia will be competing against major tech firms like Microsoft and Amazon as they move towards datacenters and factory automation.
There will be a variety of scenarios, some of which may involve our partners and others with whom we do business. and I’m certain there will be circumstances in which they will compete.
With development in low-margin India replacing demand from high-margin areas like North America, the market for telecom equipment is under strain, forcing competitor Ericsson to lay off 8,500 workers.
According to Lundmark, Nokia’s fastest-growing market, India, has lower margins. This is a structural change, he added. Nokia anticipates North America to perform better in the second half of the year.