Nokia: three lost years, and the economy wasn't the reason.

1. From profit to three straight losses. Nokia earned €2.5 billion in 2015–2015. Then it lost money every year from 2016 to 2018: €2.6 billion in all. 2019 was its first profit in four years: €0 billion.
2. It wasn't the cycle. The losses began in 2016, a year Finland economy grew 2.6% and factories added jobs. When a company falls while its economy grows, look inside the company first.
3. Left behind by its peers. From 2016 to 2025, its revenue shrank 14% in US dollars; the median among 181 large manufacturers grew 49%. It outgrew only 7% of them.
4. Still smaller than it was. Revenue reached €19.9 billion in 2025, 16% below its 2022 peak of €23.8 billion.
5. Five decisions on record. Stratrix has verified five of Nokia's big decisions, each with what happened next. The hardest year after: "Nokia Held 39% of the Market and Out-Spent Rivals on R&D. Fear Killed It Anyway", with its shares 72 points behind the S&P 500 over the next three years. The best: "Nokia Bought Its Networks Lifeboat Eight Months Before the Microsoft Phone Sale Closed", 18 points ahead of the S&P 500 over the next three years.

Financial results

As reported in its annual filings, in EUR. Losses in red.

Stratrix Decision Cases

• 2013Nokia Bought Its Networks Lifeboat Eight Months Before the Microsoft Phone Sale ClosedStood · shares +18 pts vs the S&P 500 over 3 years
• 2011Nokia's Burning Platform Memo Was Right. Saying It Out Loud Is What Killed It.Stood · shares −71 pts vs the S&P 500 over 3 years
• 2011Nokia Held 39% of the Market and Out-Spent Rivals on R&D. Fear Killed It Anyway.Stood · shares −72 pts vs the S&P 500 over 3 years
• 2011Nokia Saw the iPhone Clearly — Then Shipped 57 Versions of One Operating SystemStood · shares −72 pts vs the S&P 500 over 3 years
• 2000A small fire at a Philips chip fab cost Ericsson the handset business — not NokiaStood · shares −36 pts vs the S&P 500 over 3 years