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BUSINESS
June 16, 2012 | By Tiffany Hsu, Los Angeles Times
Nokia Corp., the faltering Finnish cellphone maker, closed out the week with another hit to its financial condition: Moody's Investors Service downgraded its credit rating to junk status. Moody's cut the company's rating a notch to Ba1, a non-investment grade level, from Baa3. Moody's was the last of the three major credit ratings firms, after Fitch Ratings and Standard & Poor's, to reduce Nokia's credit to junk status. On Thursday, Nokia said it would slash 10,000 jobs worldwide by the end of next year, shut down several research and manufacturing facilities and restructure the business.
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BUSINESS
April 28, 2012 | By Andrea Chang, Los Angeles Times
Samsung Electronics Co. became the world's largest cellphone brand for the first time, overtaking longtime market leader Nokia Corp. In the smartphone segment, Samsung remained in second place behind Apple Inc., according to market research firm IHS ISuppli. The South Korean electronics giant shipped 92 million cellphones worldwide in the first quarter, compared with 83 million for Nokia. While Samsung's shipments declined 13% from the fourth quarter of 2011, Nokia's dropped 27%. In the smartphone segment, Apple shipped 35 million units in the first quarter, compared with 32 million for Samsung.
BUSINESS
December 22, 2011 | By David Sarno, Los Angeles Times
Shares of troubled BlackBerry-maker Research in Motion Ltd. shot up Tuesday amid speculation that it was a takeover target. The BlackBerry maker's stock rose 10% in trading Wednesday after rumors began to circulate that the Canadian company had been in various talks to sell itself to Amazon.com Inc., Microsoft Corp. and Nokia Corp. Nothing has come of those talks, but the buzz about a possible sale lifted the battered stock above the dismal lows it hit last week when it reported that quarterly profit had sunk 70% since a year earlier.
BUSINESS
April 27, 2011 | By David Sarno, Los Angeles Times
Broadcom Corp. posted an 8% jump in first-quarter profit, but its shares plunged Tuesday after the company said key customers for its wireless microchips were having trouble competing in the cellphone market. The Irvine-based chip maker said revenue from the unit that makes chips for Nokia and Samsung declined. Both mobile-phone makers reported weak earnings this month. Broadcom also offered a sales forecast for the second quarter that was below what most analysts expected.
BUSINESS
February 23, 2008 | From Times Staff and Wire Reports
Mobile phone maker Nokia Corp. and microchip producer Qualcomm Inc. agreed to put some of their patent-infringement disputes on hold pending resolution of contract claims by a state judge. The companies also will combine the case in Delaware Chancery Court with an arbitration currently pending in Los Angeles. Nokia sued Qualcomm in Delaware in 2006, claiming it was entitled to use Qualcomm chip inventions on "fair, reasonable and non-discriminatory terms." The two companies have been fighting in courts on three continents as they try to work out a licensing agreement on the newest generation of chips that run mobile phones.
BUSINESS
June 1, 1989
David McDowell has been named president of CUE Paging Corp., Irvine. He succeeds Richard Hallett, who had been acting president. Hallett returns to his position as vice president and chief financial officer for North American operations for the parent company, Nokia Inc., headquartered in Basking Ridge, N.J. Previously, McDowell was group vice president responsible for cellular telephones at Novatel Communications Ltd. in Canada. Before that he was group director of ComputerLand Europe S.A. and held management positions with the IBM World Trade Corp.
BUSINESS
June 26, 2012 | By Salvador Rodriguez
Microsoft is trying to calm the fears of Nokia and its other phone partners by denying that the company will begin making its own phones. The possibility of Microsoft developing the hardware for its Windows Phone platform was raised last week after the company introduced Surface, a tablet built by Microsoft running Windows 8. That factored into the decision of one group of analysts, Nomura Holdings Inc. which cut the revenue forecast of...
BUSINESS
January 31, 2013 | By Salvador Rodriguez
Although there are hundreds of companies making and selling cellphones, Apple and Samsung accounted for 95% of the industry's profits in the fourth quarter of 2012. Apple alone claimed 70% of the cellphone industry's total worldwide profit of $16 billion, while Samsung had 25%, according to a report released late Thursday night by Counterpoint Technology Market Research. In third place was Nokia with 2%. That left the remaining 3% to be split by about 300 companies. 10 tech companies to watch in 2013 "Apple has essentially created the smartphone sector as we see it today and its combination of beautiful, easy-to-use products coupled with a rich content and application environment has enabled it to attract outsize profits," Couterpoint Research said in its report.
BUSINESS
March 2, 2014 | Dawn C. Chmielewski
The gig: Veteran digital media executive Anthony Bay took over in December as chief executive of Rdio, a streaming music service created by Janis Friis, the co-founder of the Internet phone application Skype (and the file-sharing service Kazaa). Rdio has received favorable reviews, but the 4-year-old Internet jukebox nonetheless has struggled to match the momentum of competing services such as Spotify, which boasts some 9 million paying subscribers. Rdio has undergone layoffs, a management shake-up and a strategic shift (it now offers a free, advertising-supported version through its website)
BUSINESS
December 26, 2012 | By Salvador Rodriguez
Samsung is looking to eclipse its 2012 sales record by shipping more than a half billion phones in 2013. To be exact, Samsung is planning to ship 510 million phones next year, according to The Korea Times. That would represent a 20% increase over the 420 million phones Samsung is estimated to ship for 2012, according to the report. Broken out, 390 million of the devices are expected to be smartphones while the other 120 million would be feature and budget phones, according to The Korea Times, which cites unnamed sources at Samsung and its suppliers.
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