Earlier today I wrote about how Nokia lost $1.7 billion this past quarter. Nokia’s stock price is trading at $1.83 and their market cap is sitting at $6.85 billion.
Nokia is losing a major battle against Apple and Google, but the company had enormous potential several years ago. Around 7 years before the iPhone was released, Nokia designers pitched a phone that has a single button which would do e-mail and gaming.
This phone was never released, but Nokia has a treasure trove of patents. The value of Nokia’s patents are pegged at $6 billion. Nokia CEO Stephen Elop indicated that he is ready to start selling some of these patents to keep the company running.
“We may decide there could be elements of it that could be sold off, turned into more immediate cash for us?which is something that is important when you’re going through a turnaround,” said Elop in an interview with the Wall Street Journal.