Nokia has had a remarkable journey, from its humble beginnings as a pulp mill in 1865 to becoming a mobile phone giant. The company started by converting wood chips and plant fibers into items like toilet paper. In 1902, it was introduced into electricity generation in 1, and in 1904, it entered the rubber business in 1ing tires and boots.
From the 1930s to the early 1990s, Nokia also made respirators. In 1967, three separate companies merged to form the Nokia Corporation. This new company focused on cable, rubber, electronics, and forestry.
This merger paved the way for Nokia’s entry into the world of radio and networking. By 1998, Nokia was best known for its mobile phones. It created many pioneering devices, such as phones with basic web functions.
That year, Nokia reported $20 billion in sales revenue with a $2.6 billion profit. However, things started to change by 2001. Nokia launched its first camera phone, but profits began to fall, and job cuts loomed.
Nokia’s path to modern success
By 2004, it was falling behind its rivals. The 2007 recall of 46 million phones made the situation worse.
Steve Jobs’ launch of the iPhone further disrupted the market. The 2009 economic recession significantly affected Nokia’s sales. More jobs were cut, and revenue declined drastically in 2012 and 2013.
In 2013, an exciting opportunity emerged for Nokia’s struggling mobile business. Microsoft bought it in 2014 for $5.60 billion. The entity was then incorporated as Microsoft Mobile.
This move proved beneficial, with the company’s annual revenue increasing steadily. Since 2016, Nokia has consistently reported annual revenues of around $20 billion. The yearly revenue for 2023 reached $24 billion.
This dramatic turnaround highlights Nokia’s resilience and adaptability in an ever-changing technological landscape. It has reinvented itself and stayed relevant in the modern mobile market.
