It’s no surprise that there is a lot of summer ice in Finland this year – and Nokia continues to slide. The slide itself, is not unexpected and is most likely already priced into the stock, but concerns of the duration and the depth continue to rise.

Frankly it was clear that Nokia was going to miss the consumer shift to smartphone’s when it terminated its North America enterprise mobility group a number of years ago. Their brick phone, to powerbar phone strategy even outside N.A. fell on deaf ears. This is especially in true in North America when the company ignored (largely) making CDMA handsets.

The bet on the Microsoft WP7 is going to take some time. Just only this week, Microsoft finally released the Mango version of its OS.

In the meantime, CEO Elop it seems, has been selling a lot of furniture to appease shareholders given their revenue per employee is at the bottom of the barrel  - see table below. He also has to face his mis-step burning the Symbian handset line when he has/had nearly 200mil handsets in the inventory pipeline. If nothing else, this is a Marketer’s and channel nightmare.

One of the indicative factors is Nokia’s very poor showing in revenue per employee as shown. As indicated by our MGI Index, only $MMI scores lower in the sample data.

For more details on our acclaimed MGI Index, take a look at mgiresearch.com