The Nokia purchase didn't immediately start being a cash cow? Oh no!
Investors scramble (and I am one) to ask why isn't this investment paying off right now. Short term profits! Short term profits! Gimme money now!
Or you can hold out and wait for MS to actually use the Nokia assets to build up and become formidable marketplace. Here's a great idea, let's withdrawal from the mobile market altogether!
Nadella is not that retarded, he knows the importance of the mobile market and how important it is. MS needs a piece of that cake if they want to stay relevant in current times. The enterprise/desktop market was fine and dandy two decades ago. But it's not anymore. Consumers demand more and more from their mobile devices. Eventually a mobile device will be most people's PCs.
Nokia is their only avenue to success and even though they're losing money now, they won't be in the future. So let your short term investors scream their heads off anytime they see red ink without actually critically analyzing the figure.