Feature Article

October 23, 2012

Nokia Looking for $1 Billion to Re-join Smartphone Battle

Cellular phone manufacturer Nokia is looking to raise money by issuing convertible bonds to reach their goal of $980 Million (€750 Million Euros). Nokia needs to raise money to fight its way back into the growing smartphone market, which is currently dominated by Apple and Samsung. Issuing bonds that can be converted into stock market shares is the least expensive way for the company to attain their goal.

Nokia was the global leader in cellular phone manufacturing until the recent years, when the market has been taken over by the Apple iPhones and Samsung Galaxy models. By raising the additional funds, Nokia is hoping to gain ground with the release of its newest models of smartphones.

Image via Shutterstock

Nokia has become desperate, as they have suffered losses similar to what Research in Motion’s Blackberry line of phones. Both of these once dominant companies are relying on their new smartphone releases to help bring them out of the cellar.

Nokia will be launching their new Lumia 820 and 920 models of smartphones, which will feature the new Microsoft Windows Phone 8 software. Like many of the newer smartphones, Nokia has improved on the camera used on the phone and unlike the traditional black, gray, or white phones; the Lumia will come out with brighter, more stylish colors of phones.

Tuesday marks the release of the upgraded Lumia 610, the Lumia 510. The Lumia 510 offers a larger screen than its predecessor but still operates on the older Windows platform.

Although the market has been all about Apple and Samsung in recent years, there are a number of companies who could pose huge threats to their domination of the market. If Nokia and Windows are both successful with the products that they are releasing, Apple and Samsung will lose their stronghold and consumers will be given more options.

Edited by Brooke Neuman

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