Nokia is 7 years too late trying to be the company Ericsson remade itself into in the 2000. The key blunder was Nokia's backing WiMAX, a technology that was horribly marketed as potentially cutting out the major telecoms, whereas Ericsson helped create LTE with Verizon
by providing a solution for Verizon to upgrade from CDMA.
It's surprising to me that the tech sites have not trumpeted perhaps history's greatest example of a company paying the price for failing to invest in the next generation of technology. Instead of building on its baseband expertise, Nokia tried to outsource it ignoring LTE. This destroyed its relationship with its fab partner TI who then pulled out of the mobile phone market leaving Nokia with no supplier for its then line of phones. Nokia was then left having to turn to Qualcomm
... only it had been involved in a massive legal battle with Qualcomm over IP which Nokia then had to settle for an immediate payment of the equivalent of billions of dollars.
One must remember in 2008 the tech press was reporting that it was Qualcomm that was on the ropes due to its IP steadily decreasing in value. But Qualcomm, whose CEO was a Ph.D. in EECS from Cal Berkeley, invested in developing their own ARM SoC as well as LTE baseband chips and bought AMD mobile graphics division for a complete smartphone solution. Meanwhile Nokia invested in neither a modern ARM SoC, unlike Apple and Qualcomm and Samsung, nor in LTE baseband chipsets, nor in foundry relationships unlike again Apple, Qualcomm, and Samsung.
Nokia the phone company was a dead man walking in 2008 long before Elop got there.