Several years ago, Nokia was the undisputed heavyweight champion of the world when it came to making phones.
Now, the company is frantically cutting costs and downsizing in a desperate bid to survive.
The iPhone happened.
In the five years since Apple (AAPL) released its first iPhone, Nokia has lost a staggering 90% of its market value.
Worse, the company has gone from coining money to burning it. And the situation has gotten so bad that Nokia announced yesterday that it plans to fire another 10,000 employees.
Nokia's problem is that the cell-phone market has become a "platform" market, in which third-party developers build apps that run on top of cell phones. Platform markets tend to standardize around one or two winners. And the smartphone market is already standardizing around Apple's iPhone andRead More »from Nokia Implodes…Taking Microsoft’s Mobile Dreams Down With It