Microsoft’s presence in the phone industry is about to increase. Earlier today, it was announced that the company has bought out Nokia’s handset division for 5.44 billion Euros (roughly $7.2 billion). What this means for Microsoft is a much larger stake in the phone industry currently dominated by Apple and Samsung. Nokia’s boss, Stephen Elop, will be rejoining Microsoft after initially leaving the company to help run Nokia back in 2010. It’s rumored that he will be groomed to become Microsoft’s CEO after current Microsoft CEO Steve Ballmer announced his intentions to retire after 12 months.
The news comes with a bit of sadness as Nokia hasn’t had much of a hold on the phone industry they once were atop of. As recently as 2013, the company had a 40% market share, but that percentage has dwindled to a lowly 15%. The Finnish company will focus their attention on their “networking equipment unit, navigation business and technology patents.”
Such is the fate of many technological businesses unable to adapt within an industry full of technological advances everyday.
[via Yahoo]