Nokia R&D spend outweighs Apple and HTC
The Finnish phone manufacturer may invest more than its competitors but the results don’t stack up.
A report from Bernstein Research showed the company spent $3.9 billion (2.4 billion) on developing new products almost three times the average of its competitors.
HTC invested the least in R&D less than $500 million whilst Apple was second from bottom at around the $800 million mark.
However, despite the heavy investment in future offerings, Nokia's results still left a lot to be desired when they were announced last week.
The figures showed profits fell by 26 per cent compared to the same quarter the year before and a decline in shipments of three per cent.
A lot now rests on recently appointed chief executive Stephen Elop who, whilst positive about the company, accepts the need for a new approach.
"Nokia faces some significant challenges in our competitiveness and our execution," he said. "In short, the industry changed, and now it's time for Nokia to change faster."
Nokia has confirmed a press conference for the upcoming Mobile World Congress so expect to see some of the fruits of the excessive R&D labour in the coming weeks.
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