Nokia cutting closer to the bone, now sells Espoo headquarters

Nokia cutting closer to the bone, now sells Espoo headquarters
Nokia’s Windows Phone transition has been a bumpy road. The company is bleeding huge amounts of cash every quarter and it’s hard to see the light at the end of the tunnel. 

To counter those losses it has been slashing jobs, selling plants, and now it had to cut even closer to the bone.

Nokia has just agreed to sell its Espoo headquarters for 170 million euro (nearly $222 million).



So basically Nokia just sold and leased its own headquarters. The sale is expected to become final by the end of the year. Earlier, it was speculated that Nokia could get more than 200 million for its headquarters, but we would not be surprised if the lower price reflects some kind of a long-term lease deal.

source: Nokia

Nokia cutting closer to the bone, now sells Espoo headquarters

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50 Comments

1. wendygarett unregistered

WTF only 170mil euro?!! Just sell Elop instead!!!

3. MeoCao unregistered

How much do you think he is worth? :))

6. wendygarett unregistered

oh no, don't underestimate our body value bro... the kidney itself can actually worth $3000 according from the previous article... Not to mentioned the brain, heart, skin etc... and the name of CEO... I'm sure he worth more than that LOL :D

8. tashreef

Posts: 476; Member since: Nov 24, 2012

His brain will worth a lot.... because he never used it.....such a first hand brain...

21. MeoCao unregistered

LOL, this is going against science about brain like Einstein's brain is priceless because he used it a lot. But +1 for the humor.

34. dangchitrung

Posts: 89; Member since: Apr 04, 2012

HE HAS A BRAIN??????

49. Nadr1212

Posts: 741; Member since: Sep 22, 2012

Yeah he does, unlike you

22. MeoCao unregistered

LOL, Your ideas sound terrifying Wendy. + 1 for halloween style humor

25. tashreef

Posts: 476; Member since: Nov 24, 2012

It's Gangnam Style.....

11. darac

Posts: 2156; Member since: Oct 17, 2011

He's worth billions of financial loss

47. MC1123

Posts: 1256; Member since: Nov 12, 2012

not even a cent!

2. darthinvader

Posts: 63; Member since: Sep 18, 2012

Dats sad :(

4. MeoCao unregistered

I wonder how much longer Nokia will be bound to the contract with MS.

15. moroninc

Posts: 193; Member since: Jul 14, 2012

Signing with MS was the final nail in Nokia's coffin, Arrogance and naive thinking on Nokia's part .. MS don't really care.. they have their own hardware now.

23. MeoCao unregistered

Attacking Soviet Union looked like a great idea when Hitler made it. Nokia surely thought the same about their pact with MS when they signed it

48. iamunknown

Posts: 20; Member since: Nov 23, 2012

nokia should leave MS..MS is backstabber..!!

5. phoneghoul

Posts: 12; Member since: Mar 01, 2012

very soon they will sell Steven Elop's body parts too.

24. MeoCao unregistered

LOL, to get good prices Nokia should advertise like this: "The biggest virus ever"

7. anupam.chopra

Posts: 17; Member since: Dec 04, 2012

Why can't they just adopt Android and stop their losses. A Lumnia on Android will sell much better.

9. tashreef

Posts: 476; Member since: Nov 24, 2012

please stop this nonsense.....Lumia on WP 8 is doing great ..this problems are because of previous losses ...

10. redmd

Posts: 1916; Member since: Oct 26, 2011

the chief financial officer made it sound like it's such an achievement. and I won't be surprised if Microsoft comes out as the buyer.

12. smallworld

Posts: 517; Member since: Jul 13, 2012

In less than 5 years : no more Nokia.

17. darac

Posts: 2156; Member since: Oct 17, 2011

I tell you, you can make that two years..Nokia has burnt cash at a crazy pace..their average losses were close to billion dollars per last 4 quarters(!!). Now even the supposedly good sales of Nokia 920 are just a drop of water in the desert they brought themselves into. It's one single model that sells at a fairly small profit margin actually. Even if it sells 5 million units in current quarter (which I really doubt anyway, given it's not even in top ten in the UK for example)..it will mean basically nothing in the light of their overall freefall. My forecast for the Nokia's current quarter: Smartphone sales ~ 7 million (4.5 million WP, 2.5 million Symbian), steep drop in feature phone sales, and further massive loss By 2nd Q. of 2013., their smartphone and feature phone portfolio will be completely overrun by new Android versions and phones (windows phone 9 comes in late 2013 at best)..and the Galaxy S4 will put the last nail in the coffin. Anyone up for a bet on this?

19. -box-

Posts: 3991; Member since: Jan 04, 2012

Baloney. Nokia could survive as a core company on its patent royalties alone. They aren't going anywhere. They saw what happened to Kodak and are taking the appropriate steps to prevent a similar fate. Not only that, they have the best R&D department for phones on the planet, and could work as developers for other companies if their own phones were unsuccessful (which they aren't and won't be) Furthermore, selling properties is a common practice. Ford did it, and look at them now. Divesting non-core assets is a good way to streamline expenses.

28. darac

Posts: 2156; Member since: Oct 17, 2011

I don't think you can compare Ford and Nokia like that. Automotive industry is a different market..a whole other ball game. Ford only had to streamline their processes to get back in green..because their sales are basically robust enough. They weren't really going anywhere. With Nokia you have an unprecedented nosedive case and complete disruption of the basic business within a two year time frame. They accumulated humongous losses despite cash injections from Microsoft and Apple (yes, Apple actually dished out $ 700 million to Nokia for royalties, two years ago). You make it sound like Nokia is small and efficient ARM -like company while the reality is that of a massive hardware mastodon that is piling up record losses. Do you realize how vast Nokia product lines across the world are? Before they manage cut all that off, they will shove too much of a debt up their throat.

30. freebee269

Posts: 542; Member since: Aug 10, 2012

nokia is not going anywhere. like box said, their extensive patent portfolio royalties guarrantee's that. just because a company downsizes doesnt mean they are tanking. it's actually good business. why would you keep something going that is causing you to lose money? thats bad business. the lumia line is selling so well right now also, worldwide. you may be wishful thinking that they disappear but thats all it is, wishful thinking.

41. darac

Posts: 2156; Member since: Oct 17, 2011

"The Lumia line is selling so well right now also, worldwide ".. Here's what. I say Sony will sell more Xperias than Nokia will sell Lumias, this quarter . Also, HTC will sell more. Wanna bet on that?

33. MeoCao unregistered

I think you are painting the future life of a patent troll for Nokia. A strength of a company lies in its people, its culture, its creativity all of which combined makes a business model. W/o successful hardware making Nokia will be simply a patent troll. It's not the Nokia we love and need.

44. THEAXE

Posts: 5; Member since: Jul 03, 2012

totally agreed brother..... darac's prediction moreover looks like his wish.....which won't come true..... Nokia would rise.....

13. darac

Posts: 2156; Member since: Oct 17, 2011

Sickening! "We don't need headquarters" ..@_@ How low can they go? Next year will be the end of Nokia

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