In January 2008, handset maker Nokia captured a record 40 percent of the global cellphone market, with its profits skyrocketing 44 percent to $2.7 billion on booming sales in China, Africa and the Middle East.
But with the advent of smartphones such as the iPhone, the success of the Finnish company soon started to fizzle. While its feature phones still sell in emerging markets today, Nokia's smartphones, which were originally based on its homegrown Symbian OS, lacked the robust app ecosystems that have made iOS and Android so popular. And, even after transitioning its phones from Symbian to Windows Phone 7, Nokia's worldwide market share has been slashed in half, dropping to 22 percent as of April.
Meanwhile, Nokia's Lumia smartphones, which were predicted by some analysts to spark a comeback, haven't managed to recapture any of that lost share -- at least not yet. In June, Nokia said it plans to cut 10,000 jobs by the end of 2013, and in July it reported a second-quarter operating loss of $1 billion.