Taiwan’s HTC has overtaken Nokia in terms of market value, highlighting a changing of the guard in the mobile phone industry as a raft of new entrants have challenged the Finnish company’s dominance of the sector.
Also, credit rating agency Moody’s on Thursday cut Nokia from A2 to A3, citing its weakening market position and uncertainty over its transition to Microsoft’s Windows Phone software.
HTC shares were unchanged on Thursday after rising 5.3 per cent to T$1200 on Wednesday, valuing it at US$33.8bn. Shares in Nokia were up 1 per cent on Wednesday, giving it a market value of US$33.4bn.
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