Nokia Corporation (ADR) (NYSE:NOK) Banks On Windows Phones
Very recently, Nokia Corporation (ADR) (NYSE:NOK) announced that by 2013 end, it will withdraw its support for the MeeGo and Symbian OS’. In addition to this, the company’s developer’s support-team has sent out an email stating that will not be permitted to continue with Symbian and Meego application distribution via the Ovi Store starting 1 January 2014.
Impact of changes
The company has been banking very heavily on its Windows Phone devices that have been doing very well in the market for some time now and should have paid some more attention to the platform that is more popular that this point of time. Microsoft has acquired Nokia Corporation (ADR) (NYSE:NOK) and changes are bound to take place, either in terms of restructuring, operations, products etc.
This also means that some good things will come out if but that there might be an adverse impact in some avenues and to a certain degree and customers are bound to be impacted as well. Numerous Nokia device users use the Symbian platform and moves such as these will definitely impact them negatively.
Nokia Corporation (ADR) (NYSE:NOK) has already sent out a 3-month deadline to developers, telling them that they will not be permitted to either publish or even update any of these apps starting 1 January 2014. However, customers will still have the functionality to download the updates and apps that already exist in the Ovi store.
Monday’s trading session
In Monday’s trading, Nokia Corporation (ADR) (NYSE:NOK) dropped by 1.34%. The opening price of the shares was $6.61, which climbed to an intraday high of $6.70 and dipped to a close of $6.64. Approximately 32.78 million shares were traded on Monday while an average volume of 66.09 million shares were traded over a 30 day period. The 52-week low of Nokia Corporation (ADR) (NYSE:NOK) shares is $2.52 and its 52-week high is $6.78. The company has a market capitalization of $24.87 billion.