The Finnish multinational corporation, Nokia has revealed its new logo as part of its rebranding process to distance itself from its phone-making past and focus on business-to-business (B2B) products. The new logo design features five distinctive shapes forming the company name, and was unveiled at a court held at Intercontinental Hotel in Barcelona.
Pekka Lundmark, Nokia's Chief Executive, said the new logo reflects the company's evolution to become a business technology company, focusing on B2B products such as private 5G networks and automated factory equipment. This positions Nokia as a competitor to technology giants Microsoft and Amazon.
Nokia's updated technology strategy is aimed at meeting the demands of the metaverse era and achieving global leadership in the businesses it operates. The company is focused on accelerating its growth through tech leadership, broadening the share of enterprises within its customer mix, and seizing opportunities from sectors outside mobile devices.
Lundmark's three-pronged strategy for putting Nokia back on top includes reset, accelerate, and scale. The reset stage is complete, and the company is focused on accelerating its growth and development in other areas.
Nokia still intends to grow its service provider business, which includes selling equipment to telecom companies, but it has shifted its primary focus to selling gear to other businesses. The company aims to double its enterprise sales, which currently make up about 8% of its sales, to double digits as quickly as possible.
Nokia was founded in 1865 as a single paper mill operation and has since branched into several different products. The company's first mobile phone was introduced in 1987, and it sold its mobile and devices division to Microsoft in 2014.
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