A senior executive of Nokia has reaffirmed that the company will be heading back into the smartphone industry this quarter.
Mike Wang, President of Nokia Networks in China, told The Paper that phones and tablets are on the schedule. The company has invested $350 million in setting up the infrastructure to sell smartphones through manufacturer Foxconn and brand licensee HMD Global Oy — headed by some Nokia veterans, though not directly managed by the company.
The Finland-based tech giant sold its hardware and services division to Microsoft in 2014 and agreed to not compete in the smartphone market for the following two years. In the meantime, Nokia focused on telecommunications, VR, connected health and, primarily, intellectual property licensing. Acquisitions of Alcatel-Lucent and wearable tech manufacturer Withings have taken place in the intervening years.
The most recent quarter saw an 11 percent annual decline in enterprise sales, though, so the jump back into smartphones through a licensee should support revenues with reduced outlays.