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Nokia to team up with Microsoft to challenge competition

In an effort to pull market share away from competitors, Nokia plans to use Microsoft’s Windows Phone software as the main platform for its smart phones, CEOs of the two companies announced Friday, news portal wrote.

The main rivals are Apple’s iPhone and Google’s Android. Nokia and Microsoft also plan to jointly develop new innovative mobile solutions in order to strengthen their positions in the fast-growing market of smart phones.

Moving increasingly to providing services for phone users, Nokia and Microsoft "will combine our strengths to deliver an ecosystem with unrivaled global reach and scale,” Nokia CEO Stephen Elop said in a statement on the deal Friday.

Nokia has been suffering from plummeting market share lately, dropping from a high of 41% in 2008 to 31% in the last quarter of 2010.

Nokia’s new strategy is likely to have an impact on the Hungarian market as well, the wrote, as the Nokia plant in Komárom is one of the largest export companies in Hungary providing jobs for more than 5,000. (BBJ)