tag:blogger.com,1999:blog-23423167279066996632024-03-13T08:45:18.391-07:00TechonomicsEconomics of the technical world.Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.comBlogger28125tag:blogger.com,1999:blog-2342316727906699663.post-80600874017961113322021-07-28T13:32:00.038-07:002021-07-29T16:10:08.658-07:00Tesla's Earnings in Q2 2021 compared to Ford & GM<p> </p><p>Tesla's recent earnings results in Q2 2021 show that it has been profitable for quite some time now. The data from the earnings results have some interesting insights, when compared to the two big North American auto OEMs - GM and Ford. </p><p><br /></p><p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg898T7x8cQQIu98L6axqDYmt6UvG-qQbOaVaJzq8bzizCHgK5BJsfqFhF1B9btLVnXYnoqZ2OZUa2GizbkgcjxsfIOUfrXTfGNrqzchuuDcZi6-eHV5pNhLXjCuB5HDawV0Ig2sy0uTQ8/" style="margin-left: auto; margin-right: auto;"><img alt="" data-original-height="322" data-original-width="406" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg898T7x8cQQIu98L6axqDYmt6UvG-qQbOaVaJzq8bzizCHgK5BJsfqFhF1B9btLVnXYnoqZ2OZUa2GizbkgcjxsfIOUfrXTfGNrqzchuuDcZi6-eHV5pNhLXjCuB5HDawV0Ig2sy0uTQ8/s16000/image.png" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><i>Quarterly revenues</i></td></tr></tbody></table><br /><br /></p><p></p><br />Ford and GM still make about four times more revenue each, than Tesla. This is, of course, expected, since Ford and GM have significantly more volumes. However, it is interesting to note that Tesla is much more profitable than Ford. Here is the operating profit of each of these OEMs.<p></p><p><br /></p><p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghz84e1LQxycU2XPSKXQlx9hoiDhyphenhyphenE_ZbJutCBhMen5Mv65UZyaNlMTaSaYEPMqrSZdQ7CPe6LCpJ3zyg2eOUkwwkL_ImrK5MBy42OqGPRJTk-isMU62ipPHdkO8elW08a99XV7jE1dWQ/" style="margin-left: auto; margin-right: auto;"><img alt="" data-original-height="314" data-original-width="429" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghz84e1LQxycU2XPSKXQlx9hoiDhyphenhyphenE_ZbJutCBhMen5Mv65UZyaNlMTaSaYEPMqrSZdQ7CPe6LCpJ3zyg2eOUkwwkL_ImrK5MBy42OqGPRJTk-isMU62ipPHdkO8elW08a99XV7jE1dWQ/s16000/image.png" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><i>Gross Income/Operating Profit</i></td></tr></tbody></table><br /><br /><br /><p></p><p>Ford, in particular has been swinging between operating losses and profits of approximately $2 billion per quarter. Tesla, on the other hand has steadily growing it's operating profit from razor-thin, to about $1.2 billion in the last quarter. GM made an operating loss of approximately $1.2 billion in Q2 2020, but has recovered since then. Tesla, at $1.3 billion gross profit is now close to GM and Ford's Q1 operating profits. This is despite making about four times lesser revenues. </p><p>A similar picture emerges when we compare the net profit of the three OEMs.</p><p></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfk9kF-fky5M2MT63pMuWZqb9S7CkedHCjspfwrfxz6Ir5Pj52vH_XVC5DXr3F18gZUdAOD3PSmTfoEeKU3Mz9D5jc9gEAW1pHVT2OMuGNR0r7L9BWanfcCuqPks1SFyQqPNGPMsXs4dU/" style="margin-left: auto; margin-right: auto;"><img alt="" data-original-height="319" data-original-width="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfk9kF-fky5M2MT63pMuWZqb9S7CkedHCjspfwrfxz6Ir5Pj52vH_XVC5DXr3F18gZUdAOD3PSmTfoEeKU3Mz9D5jc9gEAW1pHVT2OMuGNR0r7L9BWanfcCuqPks1SFyQqPNGPMsXs4dU/s16000/image.png" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><i>Net Income</i></td></tr></tbody></table><br /><div><br /></div><br /><br /><p></p><p>The only surprise here is Ford made a net profit in Q2 2020, when it made an operating loss of more than $2 billion. The reason for this a $3.5 billion "other income" resulting from their investment in Argo AI. So it is interesting that Ford loses money on it's automotive business, but makes money in it's investment business! Tesla, on the other hand, as very little "other income" reported. They in-fact, lost money on their bitcoin holdings. </p><p>Ford and GM are yet to report their 2021 Q2 earnings, but it is clear that Tesla has entered the "big league". It is heartening to see that the EV startups are finally being more profitable than gasoline/ICE OEMs. </p><p><br /></p><p>UPDATE: Ford released their quarterly earnings today. It is interesting to note that their revenues are down by 26% (Q-on-Q) and they made only $533 million net profit. This is exactly 45% of Tesla's Q2 2021 profit of $1.178 billion. In other words, Ford made less than half the profit that Tesla made this quarter!</p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /><br /></div><br /><p></p><p></p><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div style="text-align: center;"> </div><br /><p><br /></p><br /><br /><p></p>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-56891381577119904692015-08-06T02:57:00.000-07:002015-08-06T02:57:40.006-07:00Agile vs Traditional Project Management<br />
This post is meant for practicing project managers who are transitioning from traditional “earned-value-analysis” based project tracking, to an Agile Scrum based project tracking. It could also be vice-versa. I personally had to undergo this transition in the reverse order, as I moved from Nokia, where Agile Methodologies were well in practice, to Accenture, which was more traditional waterfall-model based. Note that I dont have very strong opinions on which is better – although most of the software industry is (or has) moved on to Agile, traditional “Earned Value” based tracking also has it’s benefits. The focus of this post is to try to put the two methods together, and make sense out of it. There could be cases where a team is following scrum, but the project manager needs to report to management in a more traditional format.<br />
<br />
Let’s take a hypothetical project, where a team of 10 people have to implement the following feature list.<br />
For simplicity, billing rate is kept at $10 per month, per resource.<br />
<br />
<table border="0" cellpadding="2" cellspacing="0" style="width: 400px;">
<tbody>
<tr>
<td valign="top" width="133"><div align="center">
<b>Feature List</b></div>
</td>
<td valign="top" width="133"><div align="center">
<b>Dollar Value</b></div>
</td>
<td valign="top" width="133"><div align="center">
<b>Effort</b></div>
<div align="center">
<b> <span style="font-size: xx-small;">(Person Months)</span></b></div>
</td></tr>
<tr>
<td style="text-align: center;" valign="top" width="133">Feature-1</td>
<td style="text-align: center;" valign="top" width="133">100</td>
<td style="text-align: center;" valign="top" width="133">10</td></tr>
<tr>
<td style="text-align: center;" valign="top" width="133">Feature-2</td>
<td style="text-align: center;" valign="top" width="133">50</td>
<td style="text-align: center;" valign="top" width="133">5</td></tr>
<tr>
<td style="text-align: center;" valign="top" width="133">Feature-3</td>
<td style="text-align: center;" valign="top" width="133">100</td>
<td style="text-align: center;" valign="top" width="133">10</td></tr>
<tr>
<td style="text-align: center;" valign="top" width="133">Feature-4</td>
<td style="text-align: center;" valign="top" width="133">25</td>
<td style="text-align: center;" valign="top" width="133">2.5</td></tr>
<tr>
<td style="text-align: center;" valign="top" width="133">Feature-5</td>
<td style="text-align: center;" valign="top" width="133">25</td>
<td style="text-align: center;" valign="top" width="133">2.5</td></tr>
<tr>
<td style="text-align: center;" valign="top" width="133"><i>Totals</i></td>
<td style="text-align: center;" valign="top" width="133"><i>300</i></td>
<td style="text-align: center;" valign="top" width="133"><i>30</i></td></tr>
</tbody></table>
<br />
<a href="https://www.blogger.com/$sprint_burndown%5B4%5D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/$earned_value%5B4%5D.png" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><br />
<a name='more'></a><br />
Let’s assume the following<br />
<ul>
<li>The project starts in January, with a team of 10. The plan is to complete Feature-1 and Feature-3 in Jan & Feb.
</li>
<li>From March onwards, 5 people take on Feature-2, while the rest of the 5 jointly take on Feature-4 and Feature-5
</li>
<li>In April, all features are implemented, and the project is completed.
</li>
<li>However, Feature-5 takes longer than expected, and 5 people have to continue working in April, and finally complete it in May.</li>
</ul>
This could be tracked using Earned Value Analysis using the following graph.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHD8LM9j0CrpTlXdROfW9pznUNva9d6vQ1q5IJ00bZg-Mo0r8I6nGMF_l-bkvHnUa3Qi9DHTldKbwrMG32iNEJty20VWcno6X-ouFvrbYo3ksD55RXEUB0S279SgGdsbeon3bN2iOGmjc/s1600/earned_value.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHD8LM9j0CrpTlXdROfW9pznUNva9d6vQ1q5IJ00bZg-Mo0r8I6nGMF_l-bkvHnUa3Qi9DHTldKbwrMG32iNEJty20VWcno6X-ouFvrbYo3ksD55RXEUB0S279SgGdsbeon3bN2iOGmjc/s1600/earned_value.png" title="Earned Value Analysis" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<br />
<br />
At any reporting date, the difference between the graphs for “Earned Value”, “Planned Value” and “Actual Cost”, “Planned Cost” give the overall status of the project. The idea here is that value is earned only when a feature is completed. The status report each month (or week, or day) shows<br />
<ul>
<li>How much value has the project earned so far?
</li>
<li>How much value was planned to be earned so far?
</li>
<li>What was the resource cost spent on this project so far?
</li>
<li>What was the planned resource cost so far?</li>
</ul>
<br />
Now, let’s assume the same project is run in a Scrum mode. Scrum breaks down timelines to 2 week, or 4 week “Sprints”. <br />
The scrum team calls the feature list a “Product Backlog”, and breaks it down into tasks that it can take on in the next sprint (Sprint Backlog). The team meets daily, and updates how much effort is <i>remaining</i> in completing the tasks. The overall project status is reported using a Sprint Burndown chart, which would look something like this.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjug5JXs_Syxc08vcqjZloEx_Gc8xZmuuesGkZoHQpe8YGnClkWHTBSi0ZhuJvdDK6m9twnwTJHeYRvGJtZQsctnJX3ujMdZI2HmsLmbwfq9g0PR-i1aTyktKmWzz2-qMbVNKMGkd-1R8Y/s1600/sprint_burndown.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjug5JXs_Syxc08vcqjZloEx_Gc8xZmuuesGkZoHQpe8YGnClkWHTBSi0ZhuJvdDK6m9twnwTJHeYRvGJtZQsctnJX3ujMdZI2HmsLmbwfq9g0PR-i1aTyktKmWzz2-qMbVNKMGkd-1R8Y/s1600/sprint_burndown.png" title="Burndown Chart" /></a></div>
<br />
<br />
<br />
It shows that the progress slowed in Sprint-3, but was back on track in Sprint-5. The project delay happened, and additional 2 Sprints (1 month) were needed (to complete Feature-5, as above). Usually, Burndown charts show the effort (person months/weeks/days), but I have used the dollar value (effort x billing rate). <br />
The status report here, at any point during the project, shows<br />
<ul>
<li>What is the remaining effort to complete all the product backlog.
</li>
<li>Is the team ahead of plan, or behind plan.
</li>
<li>The same, for cost, if Burndown chart is plotted with billing rates.</li>
</ul>
So, in a nutshell, both traditional and Agile methodologies present the same data in status reports, but in different formats.<br />
It should be fairly simple for a project manager to take data from one format, and report in another format. However, in order to do this, one needs to ensure that there is a one-to-one mapping between the project feature list, and the Scrum product backlog. This is usually not a problem in organizations where proper requirements management tools are being used. Features are usually documented & sized in such tools, and can be the reference for the product backlog in scrum. Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-78187772448292934812014-09-12T21:47:00.001-07:002014-09-12T21:48:23.346-07:00After the Bloodbath – What Remains of Nokia<p> </p> <p>Nokia, as a company continues to operate after Microsoft took over it’s most quintessential division – the “Devices & Services” which made smartphones and feature phones. What remains now, are three divisions</p> <p> </p> <ul> <li><strong>Nokia Networks</strong> – The erstwhile Nokia-Siemens Network (NSN) division, where Siemens’ stake was later bought over by Nokia. This division is the largest, and now the “bread earner” for the Nokia family, so as to say.</li></ul> <p> </p> <ul> <li><strong>Here</strong> – The mapping & navigation division, which was initially called “Ovi Maps”, then “Nokia Maps”, and finally “Here Maps”. It is the most frequently re-branded product/service to come out of Nokia, for sure.</li></ul> <p> </p> <ul> <li><strong>Nokia Technology</strong> – I think better name for this division would have been Nokia IPR. This division is primarily involved in licensing the excellent portfolio of patents that Nokia owns, as well as developing new IPR.</li></ul> <p> </p> <p>In Q2 2014, Nokia reported revenues of 2.94 Billion EUR, which is a lot less than when the Devices & Services division was there (as expected) and a lot more less than the pre-Elop era, where Q2 revenues were around 9 ~ 10 Billion EUR (see <a href="http://dipankarmitra.blogspot.in/2013/06/a-look-at-pre-elop-years.html" target="_blank">previous posts</a> to compare). Nokia is still loss making (considering the continuing operations), but by very thin margins – 28 million EUR. The chart below shows how each division is doing…...</p> <p> </p> <p><a href="http://lh3.ggpht.com/-PcwW8ustQFQ/VBPMTsgNFUI/AAAAAAAAOa8/98onZiZXbsE/s1600-h/image%25255B11%25255D.png"><img title="image" style="border-top: 0px; border-right: 0px; background-image: none; border-bottom: 0px; padding-top: 0px; padding-left: 0px; border-left: 0px; display: inline; padding-right: 0px" border="0" alt="image" src="http://lh6.ggpht.com/-Hf2ChS9Ys5A/VBPMUlWITCI/AAAAAAAAObE/jdvYTUfHsLs/image_thumb%25255B7%25255D.png?imgmax=800" width="533" height="409"></a></p> <p>As can be seen, Nokia Networks is by far the largest revenue earner, and is the main source of profits for the company. Here, has lower revenues, and sadly, hardly any profits (operating margin is 0%). I doubt that this would change over the quarters, as the mapping business is high-investment. Nokia Technology, on the other hand, holds a lot of promise for the company. While their revenues are even smaller than here (147 Million EUR), their operating margin is around 65%. This is expected, as what this division is doing is basically milking the cash cow of Nokia’s patent portfolio. It would be interesting to see the following few quarters, if Networks and Technology can help Nokia grow, and regain it’s lost glory. Meanwhile, it would also be interesting to see how Nokia’s ex Devices & Services is doing in Microsoft, but I assume that MS is not going to be as open with division-wise financial data, as Nokia is. </p> Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-66504156209539897432013-07-19T23:58:00.002-07:002013-07-19T23:58:59.944-07:00Quick Review of Windows Phone/Lumia 820About a month back, I broke my <a href="http://dipankarmitra.blogspot.in/2011/11/why-i-will-not-buy-nokia-windows-phone.html" target="_blank">self-imposed promise of never buying a Windows Phone</a>, and purchased a Lumia 820. There are a few reasons why I chose a Lumia over the iPhones or Androids.<br />
<br />
<ul>
<li><b>Why not an Upgraded iPhone?</b> - My previous phone was the iPhone 3GS, which I thoroughly enjoyed for about 1.5 years. I missed a good primary camera (before the iPhone I had a Nokia N8), front facing camera for Skype calls, good video recording, and a battery that lasts the whole day. The 3GS was a great phone... actually, make that a great "entertainment device". As a phone, the iPhone was moderately good. Several times the phone would lose network connectivity, and not tell me about it (i.e. the RSSI indicators still sow full signal, but drop down when I try to make a call). I used to get a lot of complaints from people trying to get in touch with me, that my phone's always unreachable. Well, despite this issue, I loved using the phone, for surfing, facebook'ing, twitter'ing, keeping track of my stocks, and catching up on emails. But the minimal customization meant that I was getting tired of the UI... I guess this is bound to happen, as we use our phones every hour that we're awake. So when I was thinking of an upgrade, I was sure it's not going to be another iPhone. Although the Apple store was running a good offer of 7,000 bucks off on the iPhone 4, and 4S, but by now I was questioning what good would it be buying a phone which looks and feels pretty much like my old phone, but has some incremental improvements. So no iPhone for me!</li>
<li><b>Why not Android?</b> - Android would have made the most sense, since I recently landed a job with an Android OEM, and was eligible for a product discount, but somehow I didn't want an Android phone. The main reason (and a very personal reason, IMHO strictly), is that I find the Android UI very un-aesthetically designed. The different screens have no unifying concept, and it looks like messy patchwork to me. Maybe it was my work - the fact that I have to handle these phones most of my working hours may have built a "familiarity breeds contempt" syndrome. So again, no Android.</li>
<li><b>Why Lumia?</b> - One reason for leaning towards Lumia is of course, Nokia. Firstly, I worked for Nokia for a good 6.5 years (5 years as a employee, 1.5 years as a Accenture sub-contractor). There's still a good bit of emotional connect with the company, and I do want them to do well, as it's a <i>good </i>company. Emphasis on "good" is the topic of a later post maybe. Now, besides this emotional connect, there were a few things that I looked forward to from a Nokia phone - firstly, the great design. The Lumia devices all look great, and Nokia has even won design awards for the 720, 820 and 920 series (or was it 620, 720... I forget, but you get the point). </li>
</ul>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkc8fiXlP1eNoJVs5nvRqNRk8VDI6VRVGBeOf3LfPBcJondpaXxoGWm_Meezd_I4PGUMrheBQc_2swW2AQ0Oed2dbB6taib3jEfxbOg4ABtC_eXm5uVTuD9zz8ZOR3MMpGmPUJODaGflI/s1600/2013-07-14-406.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkc8fiXlP1eNoJVs5nvRqNRk8VDI6VRVGBeOf3LfPBcJondpaXxoGWm_Meezd_I4PGUMrheBQc_2swW2AQ0Oed2dbB6taib3jEfxbOg4ABtC_eXm5uVTuD9zz8ZOR3MMpGmPUJODaGflI/s640/2013-07-14-406.jpg" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Sure looks good, just sitting there!</td><td class="tr-caption" style="text-align: center;"><br /></td></tr>
</tbody></table>
<br />
The second reason for Lumia was that as a ex-Nokia customer, there are a few things that I can take for granted - for e.g. the camera will be great, the audio quality excellent, and the battery life better than either iOS or Android. The presence of HAAC (High Amplitude Audio Capture) was also a feature that I was looking forward to, as I am an amateur musician.<br />
At this point, maybe I could also explain why I chose a 820, and not the then-flagship 920... well the reason was that I was still not too sure about the Windows Phone platform. So I thought, instead of paying big bucks for the 920, and then having the possibility of not liking the phone interface, and cursing myself later, the 820 was a more affordable way to take a peek at how good or bad WP8 really is.<br />
<br />
<a name='more'></a><br /><br />
<h3>
Immediate Impressions</h3>
Lumia 820 is a very beautiful device. It looks well designed, and sturdy. A lot of people had told me that it's heavy, but then I dont think it is. If you find this heavy, then seriously, you need to visit a gym. The back cover is removable, but it's so well integrated with the device, it is not entirely apparent that it can be removed. The camera happens to be great... it was more so apparent because I was upgrading from an iPhone 3GS, which has a terrible camera. While the low-light capabilities may not be as good as the Lumia 920, the 820 has a pretty decent enough camera for my needs.<br />
Here's an example of how good the camera is.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8ZKQNyros7RoxvVHSyxWWKzhrNnVVEEIrfptahORKtvPrZpz6_Heb964BYLR0c1DDMt9T4pTwoCfrw9MnjvZfPdfrGEK1Mqk6hWoatDMlB4cR1oxk5Br4JjCYOBUmyggwSQYxI2qNYtA/s1600/WP_20130629_023.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8ZKQNyros7RoxvVHSyxWWKzhrNnVVEEIrfptahORKtvPrZpz6_Heb964BYLR0c1DDMt9T4pTwoCfrw9MnjvZfPdfrGEK1Mqk6hWoatDMlB4cR1oxk5Br4JjCYOBUmyggwSQYxI2qNYtA/s640/WP_20130629_023.jpg" width="640" /></a></div>
<br />
<a href="http://www.flickr.com/photos/dipankar_mitra/9182940901/" target="_blank">Link to full size in Flickr.</a><br />
<br />
The device is quick and responsive, but I wouldn't say "blazing fast". There are times when it slows down and needs time to think, as all software written by Microsoft does.<br />
<br />
<h3>
OS and User-Interface </h3>
The user interface is a completely new concept, and it does look cleaner than the messy Android UI. Although I dont see any great innovations here. Yes, there's a lot of talk about "Live Tiles", but in practice, they are just extra-large icons, most of which do nothing. For e.g. the weather tile flips around to catch your attention and tells you the next day's forecast. This may be useful for some, but personally I would have preferred if it only stuck to showing the current weather, and warning me if there is an expected thunderstorm/heavy rain in the evening when I would have to drive back home.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoYrtubgtFa5283bPZcGIZlP23wt6sybaEi1TIJTXrxsnfuTUJ51f50TSqM2DArsDmcIm0BMBEMjwVvyySPM9_8iU1IXfwP9BrkxitWYFdddeIQ1Ngl3EenKorNto1jAfwZs4mUv2bMqU/s1600/wp_ss_20130720_0001%5B1%5D.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoYrtubgtFa5283bPZcGIZlP23wt6sybaEi1TIJTXrxsnfuTUJ51f50TSqM2DArsDmcIm0BMBEMjwVvyySPM9_8iU1IXfwP9BrkxitWYFdddeIQ1Ngl3EenKorNto1jAfwZs4mUv2bMqU/s400/wp_ss_20130720_0001%5B1%5D.png" width="240" /></a></div>
<br />
Apart from the live tile filled home screen, there is the list of apps that you get when you swipe to the right. Now this is quite unimpressive, as Microsoft just arranges these alphabetically. Even Apple had the sense to allow users to move their apps around the screen. The problem with this design is that if you want quick access to an app, it needs to be on your home screen, which in turn messes up your home screen.<br />
<br />
Notifications is something that Microsoft has got completely wrong in Windows Phone. Until recently, IM messages from WhatsApp used to arrive as much as 40 minutes late. While WhatsApp has updated their WP8 app last weekend, and it fixes this issue, I see that there are still notification issues present in the OS.<br />
For e.g., for Twitter, Facebook and Linkedin, I'm not sure if I get notifications - they do come in sometimes, but most of the time I get to know someone mentioned me via the email rather than by WP8 notifications. While on notifications, Microsoft has designed a unique game around Windows Phone notifications. Say you receive a few notifications when the phone is in your pocket, but you chose to ignore them for a few minutes. You then take your phone out and try to see what you missed. Here's where the fun starts! Windows Phone will not tell you what notifications you missed. You have to scroll through your homescreen, see which of the live-tiles have a number on them, and then enter that app to see what you missed! Maybe I'm nitpicking here, but with iOS, and also with Android, the notification pull down was a neat way to catch up on what you missed.<br />
<br />
<h3>
Apps</h3>
Remember how every Windows Phone review would mention that there are no good apps in the Marketplace/Store? Well, they are all correct. Apps are very few, and even the ones which are free on Android and iOS (e.g. Angry Birds classic) are paid apps here! A few which I sorely miss are<br />
<ol>
<li>Simple stocks monitor/ticker - Built-in in iOS.</li>
<li>Video editor/trimmer - Built-in in iOS.</li>
<li>Books - Very poor collection in WP Store.</li>
<li>My bank apps - I have three bank accounts, neither bank has an app in WP Store! </li>
<li>Free Angry Birds - All versions are paid in WP Store, but you can "Try" for free.</li>
<li>Fun/entertainment apps like Talking Tom - Several pathetic clones in the Store, but not the original</li>
</ol>
So, in short, yes, there is a problem with availability of apps. I'm still searching for something to trim my videos with. Discover-ability of apps is also not good, as the search is quite poor.<br />
<br />
<h3>
Some Issues</h3>
There are a few issues which keep Windows Phones (or Nokia Lumia's) far from being competitive.<br />
<ol>
<li><b>Bad keyboard input </b>- I dont know if this is just me, but I manage to spell quite a few typos in the Lumia 820 keyboard. With the iPhone, somehow, I felt I could type more accurately. It could be that the keys are placed with a bit of empty space between them on the iPhone, vs touching each other on the Lumia, or it could be the auto-correct feature on the iPhone. Even Android keyboards have the option of replacing it with Swipe, so it's not a big issue if you cannot type properly on the default Android OEM keyboard. Here on Windows Phone, you cannot replace the keyboard, so I have to type frustratingly slow. Even then, sometimes I make this mistake...<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEf1tFj-oPE3Hupl-lOyTPqoZQeF20rkobrfcvdwebYmHRwcHYlJ9_qNeRvL7f89mrFh_mcUjie7cS6AnEEXD51R8H5gzpcIPptBx8Ez56euiVStl3u8A760bLT0L5J4zbdjAmxsRcyLM/s1600/wp_ss_20130720_0002.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEf1tFj-oPE3Hupl-lOyTPqoZQeF20rkobrfcvdwebYmHRwcHYlJ9_qNeRvL7f89mrFh_mcUjie7cS6AnEEXD51R8H5gzpcIPptBx8Ez56euiVStl3u8A760bLT0L5J4zbdjAmxsRcyLM/s320/wp_ss_20130720_0002.jpg" width="192" /></a></div>
</li>
<li><b>Audio policy (or lack of) </b>- The Lumia devices have no separate volume settings for call ringer, message alert tone, media playback, music or game soundtrack. This is ridiculously idiotic of Microsoft. I know this is MS, because I used to know the people who worked in Audio in Nokia, and they could not have made this stupid mistake. The impact of this is that if you set your volume high to hear your ringtone, then your game sound will be embarrassingly high! Oh, and when you dial a number using the phone keypad dialer... the tones always sound at the highest volume, irrespective of setting!!</li>
<li><b>Terrible Browser</b> - Internet Explorer on the desktop is a poor choice for a browser, and on the phone, I think it also takes the crown for the worst browser ever. One of the most irritating aspects of IE on WP8 is that you just cannot set a home page. Everytime you open the browser, the last open page starts loading, which is sometimes quite irritating.</li>
<li><b>Useless Search Button </b>- I seriously dont get what the search button is supposed to do, except take up some space below the touchscreen! Pressing the search button brings up Bing, which I'm sure no one uses to search. </li>
</ol>
<h3>
Good Parts</h3>
Well, it's not competitive enough to scare Apple, but it does have a few edges over Android. Firstly, (as mentioned before) the Lumia devices look pretty sophisticated. The design is good enough to get admiring glances when you keep the phone on the table. I also like the Bing wallpaper feature... i.e. the phone fetches the latest Bing wallpaer, and sets it for the lockscreen. So everyday, I'm greeted by a new, fresh and interesting lockscreen background. The camera is excellent, and better than the iPhone, better than most Androids. I appreciate the hardware shutter key... somehow I never got used to iOS and Android's way of using the volume rockers to click a picture! Although Instagram is missing, there are several other alternatives, some by Nokia, which IMHO are better than Instagram. Nokia Music, while a buggy service, is quite useful for downloading free (and legal) music, once you manage to setup the account.And, finally, Here Maps has matured quite well, and offers much better navigation...something I missed on the iPhone. <br />
<br />
<br />
<br />
<br />Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-51235969080685560452013-06-15T07:58:00.001-07:002013-06-15T21:38:52.906-07:00A Look At the Pre-Elop YearsRecently I got a really relevant comment on my <a href="http://dipankarmitra.blogspot.in/2012/12/end-of-year-look-at-nokia.html" target="_blank">earlier post on Nokia</a>. Let me copy-paste the comment here.<br />
<br />
<dl class="avatar-comment-indent" id="comments-block">
<dt class="comment-author " id="c4000469701525664037">Anonymous
said...
</dt>
<dd class="comment-body" id="Blog1_cmt-4000469701525664037">It Would be nice to see pre-Elop year in the graphs. Let's say Q3 2009
onwards. Now we know Nokia switched the strategy but do not e.g. see the
rise of Android and drop of Nokia market share behind it.
</dd><dd class="comment-footer"><span class="comment-timestamp">
<a href="http://dipankarmitra.blogspot.com/2012/12/end-of-year-look-at-nokia.html?showComment=1366473604677#c4000469701525664037" title="comment permalink">
April 20, 2013 at 9:00 AM</a></span></dd></dl>
<br />
<br />
I created this post to extend the revenue & profit graphs in the pre-Elop years. In fact, right from Q1 2009 to Q4 2012. So here's the first graph, showing revenues & net profit for Nokia group.<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaJlBnvKNvYzHDNMVmIZrZbFVkK9nTh5CKF4DGrjhxxYItUcBQlIPrOaeviaQ4CVP3iRX1jj_ap87SimGS_S93cUhuSwWv6PJ2PscROAlbwgiWhVoXycc7ZdyNqr1f4Hn6boowoU8Y19o/s1600/nokia_revenue_2009_2012.GIF" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img alt="" border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaJlBnvKNvYzHDNMVmIZrZbFVkK9nTh5CKF4DGrjhxxYItUcBQlIPrOaeviaQ4CVP3iRX1jj_ap87SimGS_S93cUhuSwWv6PJ2PscROAlbwgiWhVoXycc7ZdyNqr1f4Hn6boowoU8Y19o/s640/nokia_revenue_2009_2012.GIF" title="Nokia Revenue & Net Profit - 2009 to 2012" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Click for larger view</td></tr>
</tbody></table>
<br />
<br />
As can be seen, the revenues were rising from 2009 onwards, peaking in each Q4 (the Western holiday season which sees greater revenues). However, the profitability of the company was not too great. Q3 2009 was loss-making, while most of the quarters, Nokia manged to make a few 100 million euros of profit.<br />
<br />
Profits shot up in the Q4 of each 2009 (882 million euros), and 2010 (742 million euros). In Q1 2011, Elop's new Windows-Phone strategy was announced, and revenues started falling, and profitability was hit. But this was covered also in the <a href="http://dipankarmitra.blogspot.in/2012/12/end-of-year-look-at-nokia.html" target="_blank">last post</a>.<br />
<br />
Although it is easy to see that revenues were higher in the pre-Elop years of 2009 and 2010 (Elop joined Nokia in Q3 2010), one can always argue that the profitability of the company was in question. So was Nokia feeling the heat of the iPhone and Android beating down on it's profitability? To answer this,as in the last post, I looked at just the "Devices & Services" business... the one which is responsible for the smartphones and feature-phones.<br />
So here's just Devices &Services over the same quarters...<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8TmQFztL8oXVZ3MCkozzIQcRVsOquFpHICSufE3-RPcBPpGUEP4jmb50yGQZLntwm7ilsV21vuqZk4s4gdHor0HVX1wQzuC4UsfwnzoeZNCeFgMJnkBkIr8gXhAPdxnfBS9riLL96n_8/s1600/nokia_devices_services_revenue_2009_2012.GIF" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img alt="" border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8TmQFztL8oXVZ3MCkozzIQcRVsOquFpHICSufE3-RPcBPpGUEP4jmb50yGQZLntwm7ilsV21vuqZk4s4gdHor0HVX1wQzuC4UsfwnzoeZNCeFgMJnkBkIr8gXhAPdxnfBS9riLL96n_8/s640/nokia_devices_services_revenue_2009_2012.GIF" title="Devices & Services - 2009 to 2012" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Click for larger view</td></tr>
</tbody></table>
<br />
<br />
Now this graph shows solid revenue, profitability and growth in Devices & Services until Q4 2010. Note that the nature of the industry is such that the "Q4 peaks" will always occur. So for e.g. it was not alarming that revenues fell from Q4 2009 to Q1 2010. Note that even in weaker quarters, D&S maintained respectable profits. In fact, in some quarters it was the "sole bread earner", compensating for NSN's losses. All that changed from Q1 2011. Of course, there's no point in going over that again, as it's already covered in my last post.<br />
<br />
<a name='more'></a><br /><br />
What remains is market share, which, of course, does not look very good, given that Symbian was known to lose market share to Android. Here is the area graph from 2008 to 2012<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEr-F-PPhVpQfvdLyTf92oXmFD43hdNSu0Io0T_BoPHbzlKZOXqPRe5u1n2msU4phpTwraPihUI-Uwxj2T6zPleQ08k8n4U2uCDd4IuMffOyk6KZUc1EmVap5PVNd4W3OdPtX_tvTbcFM/s1600/os_market_shares_2008_2012.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img alt="" border="0" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEr-F-PPhVpQfvdLyTf92oXmFD43hdNSu0Io0T_BoPHbzlKZOXqPRe5u1n2msU4phpTwraPihUI-Uwxj2T6zPleQ08k8n4U2uCDd4IuMffOyk6KZUc1EmVap5PVNd4W3OdPtX_tvTbcFM/s640/os_market_shares_2008_2012.png" title="OS Market Shares" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Click for larger view</td></tr>
</tbody></table>
<br />
It can be seen that Nokia's Symbian platform dominated the smartphone OS'es in 2009 and started falling. The rate of decline accelerated in 2009, primarily because of Android popularity. So, from a market share point of view, it does looks like Nokia was in trouble, but Nokia's Devices & Services performance was solid throughout (see the D&S chart above). Post 2011, Elop's new strategy could not arrest the market share decline. I've plotted the Symbian and Microsoft WP/WM shares stacked on each other, so that one can see that even the combined Symbian + Windows Phone share is falling over the years. What Elop's strategy has done is make a profitable business that was losing market share become an unprofitable business that is still losing market share.<br />
<br />
<br />
<dl class="avatar-comment-indent" id="comments-block"><dd class="comment-footer"></dd><dd class="comment-footer"></dd><dd class="comment-footer"></dd></dl>
Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-52658248301948350222012-12-29T04:46:00.003-08:002013-01-04T22:39:49.893-08:00End of the year look at Nokia<span style="font-family: Verdana;">It's almost been 2 years since Nokia CEO Stephen Elop announced the drastic strategy change in smartphones from Symbian & Meego to Windows Phone. The announcement was done in Feb 11, 2011 - a date well remember by all ex-Nokia employees like me. At the time the strategy change was announced all of us knew that a change is needed. Symbian - once the most widely used smartphone OS - was losing it's appeal. Symbian's UI was unintuitive, execution was slow, and organization was slow and bloated beyond imagination. Meego was promising, but was taking forever! </span><br />
<span style="font-family: Verdana;"><br /></span>
<span style="font-family: Verdana;">A drastic change was needed, but was the shift to Windows Phone - an unproven smartphone OS from Stephen Elop's former employer - the correct choice? </span><span style="font-family: Verdana;">Let's take a look at how Nokia has been performing financially, ever since Stephen Elop took over (third quarter, 2010) to today.</span><br />
<span style="font-family: Verdana;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSLsCfjqoVIHD8Ge-sXQT-0RfZPc3UqtJcmYPBmL8I23bM5DoyAdElVyGDmQQz0VVlE4rh1cKuGutPpKO-JqjYJamFVF1yUp3k30CdMB1I_OppFA7FCvISLeISpAPa2e620CCtXM0bxOI/s1600/nokia_group_revenue_plot.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="368" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSLsCfjqoVIHD8Ge-sXQT-0RfZPc3UqtJcmYPBmL8I23bM5DoyAdElVyGDmQQz0VVlE4rh1cKuGutPpKO-JqjYJamFVF1yUp3k30CdMB1I_OppFA7FCvISLeISpAPa2e620CCtXM0bxOI/s640/nokia_group_revenue_plot.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: small;">Nokia Revenues Q3 2010 to Q3 2012</span></td></tr>
</tbody></table>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">The above graph plots Nokia revenue & net profit over Q3 2010 to Q3 2012. In Q3 2010 Nokia earned approximately 10 billion euros in revenue, and only 322 million in profits. Not the best performance for a quarter - earning just a few hundred millions for over ten billion in sales means that something needs to change in the company. That "something" would probably be controlling costs, increasing ASP (Average Selling Price of handsets) by focussing more on smartphones, and getting rid of businesses that were burning cash. </span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"></span></span><br />
<a name='more'></a><span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">In the fourth quarter, 2010, Nokia's revenues rose sharply to 12.6 billion euros. A great quarter, even when you factor in the seasonality (Q4 usually has stronger sales due to the Western holiday season). It also earned a decent 700 million euros in profit. At this point it should have been clear to anyone studying the company performance that there is a demand for their products. Yes, analysts were screaming that Symbian is aged, slow, and does not stand a chance against Android, but that did not change people's buying behaviour. Q4 2010 showed that people did not care much about what these analysts said, and would buy a Symbian phone if it looked good. Most of these analysts were based in the US, and had no idea of Symbian's domination in China, India, and South-East Asia. I personally think that the Q4 2010 results were good because of the sales of <a href="http://www.nokia.com/in-en/products/phone/nokia-n8-00/" target="_blank">N8</a> - one of the best Symbian phones ever made.</span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: Verdana;">Then came 11-Feb-2011, and Stephen Elop's announcement that Nokia would transition to Microsoft's Windows Phone as it's main and only smartphone OS platform. Symbian would die a slow death (he hoped), while Meego - the Linux based OS Nokia & Intel had been working on - would be nipped in the bud. To be frank, when I first heard this decision I did not think it was wrong. It did seem to be "technology nepotism" - i.e. Stephen Elop favoured buying a technology from his former employer, Microsoft, rather than choose Google's Android. But I didn't think that this technology nepotism was a bad thing. Everyone who has ever sourced software for his company knows that it's always better to get it from a vendor that you are well connected with - i.e. you know that you can pick up the phone and call your counterpart in the other company to discuss critical issues. However, as the months went by, I realized how wrong Elop's obsession with Windows Phone was. </span><br />
<span style="font-family: Verdana;"><br /></span>
<span style="font-family: Verdana;">Q1 2011 onwards, Nokia revenues started falling. It fell for three straight quarters while the industry grew. It even reduced Nokia to a loss making company. A brief spike in Q4 2011 brought some hope, but it was not sustained. Over the last three quarters - Q1 to Q3 2012 - Nokia's revenues have stayed more or less steady at 7 billion euros (30% less that what it was when Elop took over). But what is more concerning is that billion euro losses per quarter have become the norm. Where are these losses coming from? </span><br />
<span style="font-family: Verdana;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK0cwYxWToc7sXCDmkNZBbtGZvuxB3mCaPgQyS8wkjK64yTBqpdfH4zMFvclTg0Z-rYpBvCzSqJK25oqLsEt35q9n4lFFZ4wlYT2SwAs-PHlNTvjD_gHcKi6r2NESn7v7qHCCwbgk3jXU/s1600/devices_and_services_revenue_plot.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK0cwYxWToc7sXCDmkNZBbtGZvuxB3mCaPgQyS8wkjK64yTBqpdfH4zMFvclTg0Z-rYpBvCzSqJK25oqLsEt35q9n4lFFZ4wlYT2SwAs-PHlNTvjD_gHcKi6r2NESn7v7qHCCwbgk3jXU/s640/devices_and_services_revenue_plot.png" width="640" /></a></div>
<span style="font-family: Verdana;"><br /></span>
<span style="font-family: Verdana;"><br /></span>
<span style="font-family: Verdana;"><br /></span>
<span style="font-family: Verdana;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">The graph above plots the revenues & operating profits for Nokia "Devices & Services" business. This helps to show where the fall in revenue & profitability are coming from, as it removes Nokia-Siemens Networks, and "Location & Commerce" businesses (L&C is small enough to be ignored, in anycase). </span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">This graph reveals interesting details - firstly, majority of Nokia revenues used to come from Devices & Services business. This is expected, because Nokia is a mobile handset maker, and this is the "meat" of their business. However, as of Q3 2012, Devices & Services are earning just 49% of Nokia total revenue. In Q3 2010, Devices & Services earned about 7 billion of the 10 billion revenue, while NSN came in with 3 billion. In Q3 2012, NSN still brings in about 3 billion a quarter, while Devices & Services revenues have fallen from 7 to 3.5 billion. Clearly, the drop in revenue is because of Devices & Services. And the revenue decline starts soon after the Feb-11 announcement of strategy change. What has happened is that the demand for Symbian phones fell overnight when Stephen Elop announced publicly that they were not good enough. This has been called the <a href="http://communities-dominate.blogs.com/brands/2011/08/coining-term-elop-effect-when-you-combine-osborne-effect-and-ratner-effect.html" target="_blank">Ratner effect</a> by Tomi Ahonen in his blog. Interestingly, the demand for Meego did not fall overnight. The Meego-based N9 had surprisingly good reviews everywhere. In my experience the last Nokia phone to get such excited response form the market was the N95 - a super-loaded phone which had everything that a consumer could want from a phone at that time. But Nokia refused to sell the phone in any relevant market. I believe this was mandated by Microsoft, as MS hates anything that is based on Linux. </span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">Later, when the Nokia "Lumia" range of Windows Phones were launched, they did not generate enough enthusiasm in the market to boost sales. So we have the situation toady that Nokia sales are lower than 2 years ago (before they shifted to Windows Phone), and shows no sign of improving. The company is also making losses at an alarming rate. I do expect Q4 2012 to be better - partly due to seasonality - but my estimate is about 8 billion euros in revenue, and maybe the company returns to profitability by the skin of it's teeth. Nowhere near the 12 billion revenue & 700 million profits in Q4 2010.</span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">We now have a situation where a major strategy change in Nokia has driven down it's revenues and profitability. But maybe Elop's strategy was to sacrifice these in favour of market share? So how does Nokia's market share look like over the same period? The graph below tracks market share (all data from <a href="http://www.gartner.com/it/page.jsp?id=2237315" target="_blank">Gartner releases</a>).</span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD2LK1dO01ktqML5bra1pQU8ZuJPAWHwdL4wxi827V4FfJlZCTv-8C7oA25rNnx0kvKEFp64XC70DhgIg2bRhPPxZtguEMA8qt_YiVpoYLTd_fITocURiPFhYtziXqsfX959S_gLkzcy0/s1600/market_shares.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjD2LK1dO01ktqML5bra1pQU8ZuJPAWHwdL4wxi827V4FfJlZCTv-8C7oA25rNnx0kvKEFp64XC70DhgIg2bRhPPxZtguEMA8qt_YiVpoYLTd_fITocURiPFhYtziXqsfX959S_gLkzcy0/s640/market_shares.png" width="640" /></a></div>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">Well, it's fallen to second place. In effect, it has just exchanged positions with Samsung. Nokia had 28% in Q3 2010, and has 19% in Q3 2012. Samsung had 17% in Q3 2010, and 22% in Q3 2012. But this does not show the true picture, because it includes all phones - smart and feature. The industry has moved on since 2010 to favour smartphones over feature phones. It is critical for the success of a handset maker to make sure that the smartphone to feature phone ratio is increasing. So how does it look for Nokia?</span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYmZ2M659UxFu1R5XGMl0HSFkcl8A3R7Q9FoWqXfaxHxKPONyajtQdbabJSgC3COKSK26ajmgwWtpUR9vVZvg0N9gfcpH9QEHTAGOpJo0wQyq7_vrVBbEj1rJmFOLtueXwYLxFGFo52CY/s1600/feature_vs_smart_mix.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="338" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYmZ2M659UxFu1R5XGMl0HSFkcl8A3R7Q9FoWqXfaxHxKPONyajtQdbabJSgC3COKSK26ajmgwWtpUR9vVZvg0N9gfcpH9QEHTAGOpJo0wQyq7_vrVBbEj1rJmFOLtueXwYLxFGFo52CY/s640/feature_vs_smart_mix.png" width="640" /></a></div>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">Not good, unfortunately. Smartphones volumes started dropping from Q1 2011 (as soon as the strategy change was announced), and is now selling only 6.3 million a quarter. In 2010, Nokia sold an average of about 25 million smartphones a quarter. It had ended 2010 with an almost 50-50 revenue distribution between smartphones and feature phones (area graph above). It ends 2012 with this reduced to 30-70. This is one handset manufacturer that is running in reverse gear!</span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: Verdana;">What happened to Nokia is that it's customers have rejected the Windows Phone OS. Whether it's operators in operator-centric markets, or the end users in non-operator-controlled markets - Windows Phone is not wanted anywhere. Take a look at the smartphone OS market shares (all data from <a href="http://www.gartner.com/it/page.jsp?id=2237315" target="_blank">Gartner press releases</a>)</span><br />
<span style="font-family: Verdana;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi46ZOkND3Nu0AmR2WRzswLxCN31HF0R4ZJpTTqqkOMxNzcNxz-a1b_R0Sa-rSf_tRBJqoYQiApITZ5I_KvJFx6UhLFVrGu7AqeTI2PJAIw1JVexugExg6p898nlFblSq5CD9XpVJ9CvMA/s1600/os_market_shares.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi46ZOkND3Nu0AmR2WRzswLxCN31HF0R4ZJpTTqqkOMxNzcNxz-a1b_R0Sa-rSf_tRBJqoYQiApITZ5I_KvJFx6UhLFVrGu7AqeTI2PJAIw1JVexugExg6p898nlFblSq5CD9XpVJ9CvMA/s640/os_market_shares.png" width="640" /></a></div>
<span style="font-family: Verdana;"><br /></span>
<span style="font-family: Verdana;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">Windows phone share is so small that I had trouble selecting it in excel to format the series in the graph! Android has quickly taken advantage of this Nokia mis-adventure.</span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;">It takes no expert to see that Nokia's Windows Phone strategy is not working. The numbers above do not lie - they were all taken from Nokia's own investor relations page (except the market shares, which were from Gartner). In Q1 of 2013, it will be a full 2 years since Nokia adopted the Windows Phone strategy. It does not take this long, really. Not in the smartphone industry!</span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: Trebuchet MS, sans-serif;">The correct thing for Stephen Elop to do in Q1 2013 is to announce that Windows Phone has had extremely limited success, and is bleeding the company. Hence, the decision to sell Windows Phone only in North America. Nokia would return to home grown OS'es. Meego phones would be released everywhere. Symbian would be tinkered with to improve the UI, and released in cost-sensitive markets like India, China & SE Asia. Some people think that Stephen Elop will never do this, as he is either an insane CEO, or is still working secretly for his former employer - Microsoft. I personally do not believe this - I think he's just a CEO who is inexperienced in the </span><span style="font-family: Verdana;">idiosyncrasies</span><span style="font-family: Trebuchet MS, sans-serif;"><span style="font-family: Verdana;"> of the mobile phone industry. He came from an old-technology company that moved in a much more </span>leisurely<span style="font-family: Verdana;"> pace. But he must have learnt from his mistakes so far. Let's see what his New Year's resolution is in 2013. </span></span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana;"><br /></span></span>
<span style="font-family: 'Trebuchet MS', sans-serif;"><span style="font-family: Verdana; font-size: x-small;"><br /></span></span>
Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com2tag:blogger.com,1999:blog-2342316727906699663.post-19385571233554851112012-10-12T22:50:00.002-07:002012-10-12T22:51:55.693-07:00Some Thoughts on Android & Nokia's Lost Oppertunity<span style="font-family: Trebuchet MS, sans-serif;">After working on Nokia's Symbian OS for around 4 years, I've recently started exploring the Android platform from a technical architecture perspective. The more I explore, the more familiar it seems. One reason of course, is that below the Java layers - what is known as "native" software in Android - it's all regular C/C++ based embedded software on a Linux kernel. Maybe it seems even more familiar to me because my work in Nokia involved a little bit of Maemo/Meego integration also. Indeed, below the Java layers, once could theoretically mix & match code from AOSP (Android Open Source Project) and Meego, and yet have a device that works!</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">The picture below is an over-simplified system architecture diagram, but helps explain a very high level view of Android.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://developer.android.com/images/system-architecture.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: Trebuchet MS, sans-serif;"><img border="0" height="458" src="http://developer.android.com/images/system-architecture.jpg" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Trebuchet MS, sans-serif;">Android architecture from developer.android.com</span></td></tr>
</tbody></table>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">The Java layers, which I refer to are the top two layers in blue. The rest (libraries & kernel) is regular C/C++ software running on a Linux kernel. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"></span><br />
<a name='more'></a><span style="font-family: Trebuchet MS, sans-serif;"><br /></span><br />
<span style="font-family: Trebuchet MS, sans-serif;">Here, is where I feel Nokia missed a great opportunity. As some readers would have guessed, these non-Java layers are quite similar - from a software development point of view - to Meego. The software skills needed are the same, the development tools are largely the same, the HAL (Hardware Abstraction Layer) API's are very familiar to both Meego & Symbian engineers (OpenMAX IL, OpenGL-ES). If only Nokia had diverted all of their Meego staff, and some of their Symbian engineers into Android development, we would have had many great Nokia Android phones by now. Nokia had always been plagued by unacceptably long time-to-market for any new software platform. Be it Meego, Meltemi, or even a new & improved Symbian^3 version. Android had the potential of solving this, with a proven software stack, which can be customized according to Nokia.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;"> One of the criticism's of Android (at the lower layers, not talking about the fragmentation issue) is that any changes in the kernel come under GPL license and not Apache license. Which means that semiconductor vendors or OEM's who have differentiating, proprietary algorithms for, say, radio/modem communication, audio, or multimedia, would have the risk of open sourcing them, when their drivers are ported to the Linux kernel. However, there's a good working solution to this... the drivers are broken down into the user side & kernel side. The differentiating algorithms can be placed in user side, with simple one-to-one inter-processes communications with a thin layer in the kernel. User side code can be kept closed source. </span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfk5LLKVCn6QU9uginjVYA99VwaNbNntPkHesbHW7fPhBhN5ybZOPF6yBaK55iQlGQP35P2SM8erpKzG3sk0scmXufGnddtkF0StvJF4GZndiUwt_huVkQzEQQIUEOZqPsaI6mrHvEF_M/s1600/android_hal_kernel_drivers.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: Trebuchet MS, sans-serif;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfk5LLKVCn6QU9uginjVYA99VwaNbNntPkHesbHW7fPhBhN5ybZOPF6yBaK55iQlGQP35P2SM8erpKzG3sk0scmXufGnddtkF0StvJF4GZndiUwt_huVkQzEQQIUEOZqPsaI6mrHvEF_M/s640/android_hal_kernel_drivers.png" width="494" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Trebuchet MS, sans-serif;">Simplified view of Android drivers split into thin layers in the kernel and rest in user side.</span></td></tr>
</tbody></table>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">But this is something that Nokia and other OEM's already know, given that Meego was also based on the Linux kernel. Nokia has a lot of differentiating software in the lower layers, and this splitting of user-kernel drivers helps assuage any fears of open source contamination of software IP.</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>
<span style="font-family: 'Trebuchet MS', sans-serif;">A good starting point for Nokia to make an Android device would be the N9, which already has the kernel-side drivers in place. Of course, the layers between the Android HAL, and the kernel drivers is different in Meego, but they can be replaced. For e.g., Meego uses Gstreamer for multimedia, while Android uses StageFright. It seems that the software is modular enough to be able to plugin-plugout one library for another.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<br />Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-67164532930080425092012-08-03T22:01:00.000-07:002012-08-05T03:51:45.672-07:00Nokia in Q2 2012: A lighter balance sheet, and a free OS<br />
<span style="font-family: Trebuchet MS, sans-serif;">I’m not doing a full analysis of Nokia Q2 2012 results here. Very briefly, Nokia group revenues were 7.5 billion EUR with a loss of 1.53 billion EUR. A billion plus euro loss cannot be very rosy, of course, but maybe investors expected worse, as the stock price spiked up briefly after the announcements of the results on Thursday, 19 July.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2Or3BMT0xYJ5hqF__8j4ryykYspC2yI_9x01S2Cn7h89-XFPaeqq5Q-nWA3u-nbkQzXui4oDYd9H-BXItFLXPbjzie_hG2VU1X8zhbkTAXsLNcEAqrdRCdPC4W96ODXbYCZVEd6FbIIY/s1600/stock_tracker.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: Trebuchet MS, sans-serif;"><img alt="" border="0" height="415" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2Or3BMT0xYJ5hqF__8j4ryykYspC2yI_9x01S2Cn7h89-XFPaeqq5Q-nWA3u-nbkQzXui4oDYd9H-BXItFLXPbjzie_hG2VU1X8zhbkTAXsLNcEAqrdRCdPC4W96ODXbYCZVEd6FbIIY/s640/stock_tracker.PNG" title="Nokia NYSE tracker" width="640" /></span></a></div>
<h3>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></h3>
<div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Revenue & Profitability has taken a hit for the last one year, when the strategy of shifting from Symbian & Meego OS’es to Windows Phone has gone disastrously wrong for the company. A very detailed analysis of this strategy gone wrong can be found on Tomi Ahonen’s <a href="http://communities-dominate.blogs.com/brands/2012/07/the-sun-tzu-of-nokisoftian-microkia-mirror-mirror-on-the-wall-whose-the-baddest-of-them-all-waterloo.html" target="_blank">communities-dominate blog</a>. As for this current post, the chart below tracking Nokia revenues is enough to describe the problem.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBbRGchIIzJMe58NWeCBxVPCG4R2n9xOoo06hRGnLnVqJmuKQa0Tt1-jHuYqcJK9R2ESZfloKKzM8DhlbcuQz4lMlv3ewNPtiOSLYTmlYpAoX4xq61DZ7xGWk8YLp-QtT18dbS53KSLbM/s1600/nokia_revenue_q2_2012.bmp" imageanchor="1" style="margin-left: auto; margin-right: auto;"><span style="font-family: Trebuchet MS, sans-serif;"><img border="0" height="412" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBbRGchIIzJMe58NWeCBxVPCG4R2n9xOoo06hRGnLnVqJmuKQa0Tt1-jHuYqcJK9R2ESZfloKKzM8DhlbcuQz4lMlv3ewNPtiOSLYTmlYpAoX4xq61DZ7xGWk8YLp-QtT18dbS53KSLbM/s640/nokia_revenue_q2_2012.bmp" width="640" /></span></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Trebuchet MS, sans-serif;">Nokia revenues - falling since 2011.</span></td></tr>
</tbody></table>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">But in this post I try to delve into some of the revelations in the Q2 earnings release.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
</div>
<h3>
<span style="font-family: Trebuchet MS, sans-serif;">4 Billion EUR Lighter Balance Sheet</span></h3>
<div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">If we take a look at the balance sheet on Nokia's Q2 earnings release, there is a reduction of assets of about 4 billion EUR between Q2 2011 and 2012. About 1.4 billion EUR of this comes from impairment of Goodwill & amortization of intangible assets. This is also explained in a discussion on the operating results in the Q2 2012 interim report.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">"During the second quarter 2012, based on a combination of factors, including the decline in our market capitalization, credit rating downgrades as well as our operating results, we concluded that there were sufficient indicators to require Nokia Group to perform an interim goodwill impairment analysis as of June 30, 2012. "</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<br /></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">This explains the 1.4 billion reduction in goodwill and intangible assets. But what else did to reach this 4 billion EUR figure? </span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">"In the second quarter 2012, Nokia recognized EUR 800 million in valuation allowances related to its Finnish deferred tax assets in accordance with accounting standards "</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Deferred tax assets is when a loss making company expects to make profits in the future, and sets aside a portion of their losses as tax credits to take advantage of, when they return to profitability. But this is allowed, in Finnish and International accounting laws, only if there is sufficient indication of the company returning to profitability. Deferred tax assets sits on the balance sheet as a current asset, and this accounts for another 800 million of the total 4 billion reduction in assets. </span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">The rest of the 4 billion is made of lower accounts receivable (amounts due to the company), and prepaid expenses. </span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Now, I may be reading a bit too much into this, but cleaning up the balance sheet of intangibles, and deferred tax assets may be to make it more palatable to a buyer. Even though Nokia is currently valued low (it's currently valued lower than what Motorola was picked up for), most buyers would not be convinced by intangibles & goodwill on the balance sheet. Goodwill comes up when a company acquires another company, and pays more than the net asset valuation of the acquired company. The excess amount paid is not treated as a loss, but projected as an asset, which is the intangible valuation of expected synergies from the acquisition. Goodwill appears on the Nokia balance sheet because of the past acquisitions of Navteq, and others. </span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"></span><br />
<a name='more'></a><span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
</div>
<h3>
<span style="font-family: Trebuchet MS, sans-serif;">Windows Phone Free Edition</span></h3>
<div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">Another interesting revelation in the Q2 2012 earnings report is that it's quite likely that Nokia is getting the Windows Phone 7.x OS for free from Microsoft. Here is a paragraph form the report</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">"Our agreement with Microsoft includes platform support payments from Microsoft to us as well as software royalty payments from us to Microsoft. In the second quarter 2012, we received a quarterly platform support payment of USD 250 million (approximately EUR 196 million). Under the terms of the agreement governing the platform support payments, the amount of each quarterly platform support payment is USD 250 million. We have a competitive software royalty structure, which includes annual minimum software royalty commitments. Minimum software royalty commitments are paid quarterly. Over the life of the agreement, both the platform support payments and the minimum software royalty commitments are expected to measure in the billions of US dollars. The total amount of the platform support payments is expected to slightly exceed the total amount of the minimum software royalty commitments. "</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">What this means is that - </span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">a. Nokia pays royalties to Microsoft for the windows phone OS</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">b. Microsoft pays Nokia for focusing on the OS which the Microsoft needs to succeed in smartphones</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">...and the latter is slightly larger than the former, meaning that net net, the OS comes for free. Of course, one can argue that it is not free, and is being paid for by intellectual property instead of cash, but the idea is that Nokia has a good deal where one of the costliest components of the smartphone BOM has been reduced to zero. In particular, Microsoft has always charged higher royalties for their OS (mobile, phone or otherwise) than competitors. It probably comes from their phenomenal success in the PC OS business that makes them believe that they can get away with a non-competitive price. As an example, I remember that when Symbian was a sperate company, and the OS was not open source'ed, they charged a royalty of approximately 7 USD per handset. Microsoft, at the same time, charged about 25 USD per handset. So if Nokia managed to get such a pricey OS for free, it bodes well for them.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">This may be good news, BUT... it all depends on how Nokia has negotiated the agreement for Windows 8. If I know Microsoft, it's quite likely that the current agreement for platform support payments, extends only to Windows Phone 7.x, and a fresh one may be drafted for WP 8/Apollo. If the Windows 8 agreement also favours Nokia in the same way, then it's good news for Nokia.</span></div>
<div>
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span></div>
</div>
<h3>
<span style="font-family: Trebuchet MS, sans-serif;">Conclusion</span></h3>
<div>
<span style="font-family: Trebuchet MS, sans-serif;">So, while a lighter balance sheet makes it easier for any investor company to pick up a stake in Nokia, the revelation of a free OS is a sign of hope for Nokia. However, getting your smartphone OS for free does not mean anything if there is no demand for these phones. It will be a tough for Nokia whether or not the OS is coming for free.</span></div>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-68196250495668263832012-05-31T01:45:00.000-07:002012-05-31T01:45:51.911-07:00Open Source Licenses - Part 2<span style="font-family: Verdana; font-size: small;">In my </span><span style="font-size: small;"><a href="http://dipankarmitra.blogspot.in/2012/05/open-source-licenses-part-1.html" target="_blank"><span style="font-family: Verdana;">last post,</span></a></span><span style="font-family: Verdana; font-size: small;">
I wrote an overview of what is open source, and common concepts for
open source licenses. In this post, I would focus on a few popular
licenses in open source software.</span><br />
<br />
<span style="font-size: small;">
</span><h3>
<span style="font-family: Verdana; font-size: small;"><strong>GNU General Public License (GPL)</strong></span></h3>
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">The GNU General Public License is the license under which the <a href="http://www.gnu.org/" target="_blank">GNU operating system</a>
is licensed out. The license has been authored by Richard Stallman’s
Free Software Foundation, and is a copyleft license. The current version
of the license is version 3.0, however the previous version 2.0 is also
quite popular. Since I personally have not dealt with version 3.0, I
would stick to version 2.0 in this post. </span><br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">The GPL v2.0 starts with a preamble,
which summarizes the philosophy behind the license. In other words, the
belief that software should be free to run, modify, and distribute
(while noting that "free" means freedom, and not free of cost). It also
points out that there are certain restrictions which are necessary to
ensure that a user of the software does not limit the freedom of other
users. Paragraph-4 in the preamble section states...</span><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: small;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_ieRperxck6UGnDmnBBRdsHnOJnTX_deF4OXB4_d1Q8JCP8TzSgG0NTE0qVuM02bQqf3MJYfDQO9-X1CKrIqF6lk5ZaYCwfxLFfvHGaNLzbvPtWgx2Z7xOF7RjAMClxd-BHnAMP0ZAA8/s1600/gpl_pre_para_4.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_ieRperxck6UGnDmnBBRdsHnOJnTX_deF4OXB4_d1Q8JCP8TzSgG0NTE0qVuM02bQqf3MJYfDQO9-X1CKrIqF6lk5ZaYCwfxLFfvHGaNLzbvPtWgx2Z7xOF7RjAMClxd-BHnAMP0ZAA8/s1600/gpl_pre_para_4.GIF" /></a></span></div>
<br />
<span style="font-family: Verdana; font-size: small;">This is a good summary of what the
license is trying to achieve. The authors believe that the software
should be available to all to use and modify freely, however, such
modifications should not result in the restriction of the freedoms of
other users. The preamble goes on to mention that in order to enforce
this, the authors assert their copyright over the software, and are
licensing it out to users under the terms and conditions of the next
section. The preamble ends with an explicit patent grant.</span><br />
<br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">The preamble is followed by the main
"Terms & Conditions for Copying, Distribution and Modification"
section. Paragraph-0 states that the license applies to both the
original software work, and any derivative works. The term "derivative
works" is defined as "...<em>a work containing the Program or a portion of it, either verbatim or with modifications and/or translated into another language</em>".
This is a bit generic definition, and is one reason why GPL is not very
popular for use in commercial software products. Companies that want to
use open source along with their proprietary software architecture are
deterred by this wide definition of derivative works. The concern is
that under such a definition, all of their software stack would become a
"derivate work" if they link with the open source library, and/or use
the functions of the open source library. This would cause proprietary
software to become "contaminated" - a term used to define the situation
where proprietary code has to be licensed out in source code form,
because it comes under the copyleft clause of an open source license.
However, in certain cases - notably in the Linux kernel license - the
authors clearly state what they consider as derivative works, and what
are unrelated code. Here is a snippet of the explicit notice put in the
Linux license (rest of the license is GPL v2.0)</span><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: small;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZeEjO8QqAsA7CXwgRBVmdy26GV_JCRyS6EBJfnZo0HMxcPcmiIz0OFLPCy4DyqtnrImGOj_z6fNN9skgIvZgMqVAyQOt9O1QNpaPvquyqvdN-d-2lTg5dwi9RA4w5iigQEm_PHgefUD0/s1600/linux_kernel_note.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZeEjO8QqAsA7CXwgRBVmdy26GV_JCRyS6EBJfnZo0HMxcPcmiIz0OFLPCy4DyqtnrImGOj_z6fNN9skgIvZgMqVAyQOt9O1QNpaPvquyqvdN-d-2lTg5dwi9RA4w5iigQEm_PHgefUD0/s1600/linux_kernel_note.GIF" /></a></span></div>
<br />
<br />
<a name='more'></a><br />
<span style="font-family: Verdana; font-size: small;">I believe that this explicit exclusion
of user space programs from the definition of derived work has been a
key factor in the popularity of Linux in commercial products. </span><br />
<span style="font-family: Verdana; font-size: small;">Paragraph-1 & 2 of the terms &
conditions lay out the rights to redistribute the software, either
as-is, or modified, provided the terms of the GPL remain unchanged, and
prominent notices are displayed informing users of the terms of the
license. Paragraph-3 deals with cases where one may wish to distribute
the software in object code (i.e. not in source code) form. This section
allows the user to do this, provided the corresponding source code is
made available when requested. </span><br />
<br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">Paragraph-4 & 5 point out that the
software can be copied and modified only under the terms of the license,
and if a user start modifying or distributing, it implies that he or
she accepts the terms and conditions. Paragraph-6 states that when a
user is redistributing the software, he cannot add any further
restrictions in the license (i.e. a reiteration that the redistributed
work must adhere to the original terms and conditions of the GPL).</span><br />
<br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">Paragraph-7 advises that if a there has
been a legal restriction on a certain user distributing the software,
for e.g. an injunction, which contradicts the terms of the GPL, then
this does not excuse the user from adhering to the GPL. This paragraph
is interesting, as it covers patent licenses. For example, if Company-A
owns a software library that is patented, and it feels the same has been
infringed by an open source library (under GPL). Company-B has a patent
license agreement with Company-A which prohibits B from redistributing,
royalty-free. Then B cannot use the open source GPL library (since such
use would mean redistribution). I’m not sure why this clause is in
place, but the fact that it is so specific seems to point out that is
has been placed in the license as a result of some past practical
problem. Feel free to add comments below, if you know the specific
reason for this clause.</span><br />
<br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">Paragraph-8 deals with cases where
geographical laws may differ, for example, the US restricts export of
cryptology software. This paragraph allows a user to add additional
restrictions for certain geographies. Paragraph-9 & 10 explain that
there may be different versions of the GPL, and that in some cases the
Free Software Foundation may allow certain parts of the software to be
licensed under different terms. Paragraph-11 & 12 wind up the "Terms & Conditions" section with a no warranty and no liability notice.</span><br />
<br />
<span style="font-size: small;">
</span><h3>
<span style="font-family: Verdana; font-size: small;"><strong>GNU Lesser General Public License</strong></span></h3>
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">The GNU Lesser General Public License
(L-GPL) is similar to the GPL, in that it is also a copyleft license.
However the key distinction is that it clearly states what constitutes a
derived work. The preamble here states that this is done in order to
make it easier for use with commercial, proprietary software. The word
"Lesser" in the name probably means that there are less restrictions
here than in the GPL.</span><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: small;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfxxEZp6z1tbnhpfswrpAXzqVnwNgiA6ehoJJ-AovUbWjcLKHC5doNQgSLGvOVhY9zSJLoTZvLSQM1POfxwUsQWgn4FUHcXQF3mI7kPFh-mAxTzBFEJSC9lCIrTHVkhRgfd9HfocBXR88/s1600/gnu_lgpl_preamble_para_9.GIF" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfxxEZp6z1tbnhpfswrpAXzqVnwNgiA6ehoJJ-AovUbWjcLKHC5doNQgSLGvOVhY9zSJLoTZvLSQM1POfxwUsQWgn4FUHcXQF3mI7kPFh-mAxTzBFEJSC9lCIrTHVkhRgfd9HfocBXR88/s1600/gnu_lgpl_preamble_para_9.GIF" /></a></span></div>
<br />
<span style="font-family: Verdana; font-size: small;">To achieve this, L-GPL defines two kinds of derived work</span><br />
<span style="font-size: small;">
</span><ul>
<li><span style="font-family: Verdana; font-size: small;">Work Which Uses The Library -No
modification of open source library, but just uses it’s functions. Could
be either static or dynamic linking.</span></li>
<li><span style="font-family: Verdana; font-size: small;">Work Based On The Library - Involves modification of the open source library.</span></li>
</ul>
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">While all constraints of the L-GPL
applies to "work based on the library", only certain restrictions apply
to "work which uses the library". A block diagram representation of the
two is as below. The green boxes labeled "new code" represent the
changes done by a user, while the blue blocks labeled "LGPL licensed
library" represent the original open source library.</span><br />
<br />
<span style="font-size: small;"><img alt="" height="392" src="data:image/png;base64,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" width="640" /></span><span style="font-family: Verdana; font-size: small;"> </span><br />
<br />
<span style="font-family: Verdana; font-size: small;">For “work that uses the library”, the “new code” part can be excluded from copyleft clause by doing one of the following</span><br />
<span style="font-size: small;">
</span><ul>
<li><span style="font-family: Verdana; font-size: small;">Provide either source code or object
code so that the user can modify the Library and then relink to produce a
modified executable.</span></li>
<li><span style="font-family: Verdana; font-size: small;">Use a suitable shared library mechanism (i.e. dynamic linking DLL’s).</span></li>
</ul>
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">A common misconception is that the LGPL
instructs users to use dynamic linking if they would not like to
license their modifications under the same terms as the L-GPL. But the
reality is that L-GPL just states that using DLL’s or dynamic linking is
just one way to comply with the clauses for "work that uses the
library". The basic reasoning is that other users should be able to
upgrade/modify the L-GPL licensed library, and still the derived work
would compile and run.</span><br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">For example, say v1.0 of a LGPL
licensed library is being used as part of a "work that uses the
library". The "new code" part may be proprietary.</span><br />
<br />
<span style="font-family: Verdana; font-size: small;"> </span><span style="font-size: small;"><img alt="" height="400" src="data:image/png;base64,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" width="341" /></span><br />
<br />
<span style="font-family: Verdana; font-size: small;">If another user wishes to upgrade the v1.0
of the LGPL licensed library, he should be allowed to do so, without
breaking the functionality.</span><br />
<br />
<span style="font-size: small;"><img alt="" height="400" src="data:image/png;base64,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" width="341" /></span><span style="font-family: Verdana; font-size: small;"> </span><span style="font-family: Verdana; font-size: small;"> </span><br />
<br />
<br />
<span style="font-family: Verdana; font-size: small;">Now, if the linking between the "new
code" and "LGPL licensed library" is dynamic, then there’s nothing
further to be done to ensure works. The dynamic (shared library) loading
would ensure that new versions of the LGPL licensed library works
(assuming no incompatible changes, like removal/change of APIs in the
new version). If however, a static linkage exists, the LGPL states that
the object code of the "new code" part should be made available so that
another user can still upgrade the LGPL licensed library by re-linking
the object code using compilation tools.</span><br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">Since dynamic linking means that the
"new code" (which could be proprietary software) need not be
redistributed in any form, it makes this license very popular for use
with proprietary software products. The L-GPL tries to maintain the
freedom of open source, while still making it palatable for use with
commercial software. The rest of the license is quite similar in spirit
to the GPL.</span><br />
<br />
<span style="font-size: small;">
</span><h3>
<span style="font-family: Verdana; font-size: small;"><strong>Permissible Licenses</strong></span></h3>
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">Certain open source licenses are very
permissible, and do not have any copyleft clause. While this makes it
even simpler for companies to use open source libraries with their
proprietary systems, it also means that there would be lesser
innovations in these, as contributions/redistributions are not
mandatory. One of the most popular permissible open source license is
the Berkely Software Distribution (BSD) license, which is used for
BSD-Unix. The license is very simple, and short. It simply states...</span><br />
<br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">"<em>Redistribution and use in source
and binary forms, with or without modification, are permitted provided
that the following conditions are met:</em></span><br />
<span style="font-family: Verdana; font-size: small;">
</span><ul><span style="font-family: Verdana; font-size: small;">
<li><em>Redistributions of source code must retain the above copyright notice, this list of conditions and the following disclaimer.</em></li>
<li><em>Redistributions in binary form must reproduce the above
copyright notice, this list of conditions and the following disclaimer
in the documentation and/or other materials provided with the
distribution.</em></li>
</span>
<li><span style="font-family: Verdana; font-size: small;"><em>Neither the name of the
<organization> nor the names of its contributors may be used to
endorse or promote products derived from this software without specific
prior written permission." </organization></em></span></li>
</ul>
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">This is followed by a "no warranty" and "no liability" notice, as is common in all open source licenses. </span><br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">While the original BSD license was used
for licensing the BSD Unix OS, there are many similar licenses which
are collectively termed as "BSD-like" licenses. All of these "BSD-like"
licenses allow reuse, and modification of code without contribution
(i.e. not copyleft). As a consequence, software libraries licensed under
such terms have found wide use in commercial products. A good example
is the <a href="http://www.ijg.org/" target="_blank">independent JPEG group’s</a> JPEG codec implementation, which is widely used in smartphones, including Apple’s iPhone.</span><br />
<br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;"><strong>Dual Licenses</strong></span><br />
<span style="font-size: small;">
</span><span style="font-family: Verdana; font-size: small;">Lastly, I should mention that in some
cases the same software package or library is licensed under different
licenses. A user of the software has options to choose which license to
use. Usually the case is that a large technology firm licenses out a
popular software component under GPL, with the option for other
companies to buy a commercial license if they do not wish to comply with
the terms of the GPL. <a href="http://qt.nokia.com/products/licensing/" target="_blank">Qt</a> is a good example here, where it’s available under LGPL, but there’s an option for a <a href="http://www.digia.com/en/Qt/" target="_blank">commercial license</a>
as well. Another example is Java, where Oracle (earlier Sun) licensed
it under GPL, as well as commercial licenses, allowing licensees to
choose what they are comfortable with. </span><br />
<br />Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-34111428604710036012012-05-24T23:03:00.000-07:002012-05-24T23:11:07.303-07:00Open Source Licenses - Part 1<span style="font-family: 'Trebuchet MS', sans-serif;">Having worked with open source software for quite some time, I thought it would be nice to jot down a few of my thoughts on open source, in general, and the common licenses, in particular. Open source is quite common in technology, and especially the smartphone industry today. As I have noted in one of my <a href="http://dipankarmitra.blogspot.in/2012/03/smartphones-affinity-for-open-source.html" target="_blank">previous posts</a>, open source is used in four of the popular smartphone OS’es today (iOS, Android, Symbian and Bada/Tizen). While I started, I thought this would be one post, but as I rambled on, I thought it would be better readability to divide this across two posts. So here is the is the first part in a 2 part series on open source.</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<h3>
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: small;"><strong>What Is Open Source?</strong></span></h3>
<span style="font-family: 'Trebuchet MS', sans-serif;">Before getting into the details of licensing, it maybe good to define the concept of open source. In very simple terms, "open source" means software that is available in source code form, and which allows users to debug, modify, enhance, and re-distribute it. However, there is a belief or philosophy behind open source, which is deeper than just having source code available. The philosophy is that users of software should have freedom to run the software, customize it according to their needs, improve the software, and also make it available for others to use, thereby propagating "good" software. Due to the fact that the open source concept revolves around the freedom of software users, it is also sometimes called "Free Software". Richard Stallman founded an organization called the "<a href="http://www.fsf.org/" target="_blank">Free Software Foundation</a>", and he stresses that the "Free" does not refer to price, but to freedom. A famous and funny quote from Mr. Stallman is "<em>To understand the concept, you should think of ‘free’ as in ‘free speech’, not as in ‘free beer’</em>". Open source resolves around this fundamental philosophy of freedom, and most of the licenses reflect this in their terms & conditions.</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"> Another non-profit organization - <a href="http://www.opensource.org/" target="_blank">Open Source Initiative</a>(OSI) - goes a step further and actually defines the criteria that a software should have before it can be considered to be open source. The criterion are (in summary, full list at <a href="http://www.opensource.org/docs/osd">http://www.opensource.org/docs/osd</a>)</span><br />
<br />
<ul>
<li>
<div style="margin-bottom: 14pt; margin-top: 5pt;">
<span style="color: #1f497d;"><span style="color: black; font-family: 'Trebuchet MS', sans-serif;">Freedom to redistribute the code.</span></span></div>
</li>
<li>
<div style="margin-bottom: 14pt; margin-top: 5pt;">
<span style="color: #1f497d;"><span style="color: black; font-family: 'Trebuchet MS', sans-serif;">Freedom to access source code.</span></span></div>
</li>
<li>
<div style="margin-bottom: 14pt; margin-top: 5pt;">
<span style="color: #1f497d;"><span style="color: black; font-family: 'Trebuchet MS', sans-serif;">Freedom to make modifications.</span></span></div>
</li>
<li>
<div style="margin-bottom: 14pt; margin-top: 5pt;">
<span style="color: #1f497d;"><span style="color: black; font-family: 'Trebuchet MS', sans-serif;">Integrity of the original author’s source code.</span></span></div>
</li>
<li>
<div style="margin-bottom: 14pt; margin-top: 5pt;">
<span style="color: #1f497d;"><span style="color: black; font-family: 'Trebuchet MS', sans-serif;">No discrimination against persons, group, or fields of use, or specific technology.</span></span></div>
</li>
</ul>
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<h3>
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: small;"><strong>Why Open Source?</strong></span></h3>
<span style="font-family: 'Trebuchet MS', sans-serif;">Having defined what it is, the question arises why it is so popular. Here are a few reasons why I think open source is popular. </span><br />
<ul>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>High quality, and/or feature rich software</strong>: This is a general statement, and of course, there may be many exceptions. However, most open source projects have contributions from highly dedicated software engineers/programmers from around the world. Development is not budgeted by a single organization, but spread across many individuals, and the time and effort invested in the software is high. The result is either high quality code, or a plethora of features, or both. Note also that the source code access means that each programmer’s work is being scrutinized by an open peer review, which is one of the reasons for high quality code.</span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>Significant savings in R&D cost</strong>: More and more organizations are using open source rather than develop their own proprietary versions of the same software. One of the reasons has to be the large savings in R&D effort (which translates into R&D expenses, that reduces the bottom line). </span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>Faster time to market</strong>: As well as saving R&D costs, using open source means that time is not wasted in designing, implementing and testing the software which is already available. It involves significantly lesser effort in modifying existing software to meet a specific need, than to develop something from scratch. Again, this is a very generic statement, and exceptions will be there.</span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>Supplier Lock-In is prevented</strong>: During my tenure as a multimedia integration engineer in a mobile handset manufacturer, I had encountered a case where a chipset supplier had used closed, proprietary API’s to implement some media accelerators. This meant that for every small minor API change, every little enhancement or bug fix, we had to raise a request to this chipset supplier. This would take time, and of course, money as well. Had this handset manufacturer mandated that the supplier use open source API’s to implement their components, the situation would have been much easier. Anyone could have made the minor tweaks that are always needed when integrating complex software components. Moreover, the company could also choose to switch suppliers without risking costly changes in their own code (as the open API’s would ensure a new supplier’s implementations worked).</span></li>
</ul>
<span style="font-family: 'Trebuchet MS', sans-serif;"><strong></strong></span><br />
<a name='more'></a><h3>
<span style="font-family: 'Trebuchet MS', sans-serif; font-size: small;"><strong>Open Source Licensing: Common Concepts</strong></span></h3>
<span style="font-family: 'Trebuchet MS', sans-serif;">Copy-left clauses, no warranty, and preservation of original copyright notice are some common concepts found in most licenses. </span><br />
<ul>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>Copyleft Clause</strong>: This is probably the most popular notion in open source, made popular by the GPL license. Copyleft means that if someone modifies the open source software, then the modified software should also be licensed in the same terms as the original software. In other words, if the original software was available to all in source code form, the modified one should also be available to all in source code form. The term copyleft is probably a twisted acronym to copyright. However, it should not be assumed that if a software license has a copyleft clause, it is free of any copyrights. All software has copyright attributed to the original author. The license allows you to use the copyrighted work, but it does not mean that there is no copyright. Note also that not all open source licenses have a copyleft clause. Some, like the L-GPL clearly point out in which cases copyleft would be applicable, and in which cases it would not. Others like the BSD-like licenses have no copyleft clauses at all. </span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>No Warranty</strong>: When you buy a product - whether software or hardware - in exchange for money, it generally comes with a warranty. The warranty states that if the product fails to work in the fashion specified by the seller, the buyer is entitled to free repair or replacement. Open source software do not come with any warranty. Since the software is generally distributed free of cost (except maybe the cost of the medium in which it is stored like CD/DVD or flash memory), no warranties come with it. The authors of the software cannot be held responsible if the software fails to perform as expected.</span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>Preserve Original Author Copyrights</strong>: While open source licenses allow users to modify the code, one thing not allowed is to remove the copyright notices of the original authors. This is quite likely, to prevent software plagiarism, where someone pretends to have authored software written by someone else. It is also a matter of being right vs wrong, and giving the original authors credit where it’s due. </span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>Implicit of Explicit Patent grant</strong>: Some licenses - either by explicit statements or otherwise - involve a patent grant from authors of the software to all users. Since users themselves may modify the software (i.e. users and authors are the same), it really involves a patent grant between users. Which means that if a group of technology companies are using a software under a license that involves a patent grant, they effectively take an oath to not start a patent litigations against each other. The situation with patents may be a little more complicated, as there could be one company which is not using the license, but still feels that the software in question is infringing their patents. For e.g. Microsoft, which does not use the Android software, has initiated and settled infringement cases against Android manufacturers, claiming that some features of Android handsets infringe their patents. A similar case with the Google open sourced On2 VP8 video codec (WebM project), which claims that it is royalty free, but the MPEG LA has formed a patnet pool around VP8, implying that it is not royalty-free after all.</span></li>
</ul>
<div>
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<h3>
<strong><span style="font-family: 'Trebuchet MS', sans-serif; font-size: small;">Common Open Source Licenses</span></strong></h3>
<span style="font-family: 'Trebuchet MS', sans-serif;">There are many open source licenses popular today. The <a href="http://www.opensource.org/licenses/alphabetical" target="_blank">OSI website</a> lists 69 different licenses which comply to open source criterion. A few ones worth mentioning (for no specific reason, except that I am familiar with them) are below</span><br />
<ul>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>GPL</strong> - Acronym for General Public License. Currently in version 3.0, it is the license which popularized the copyleft concept, and the famous Linux kernel is licensed under v2.0 of this license.</span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>L-GPL</strong> - Lesser General Public License. Sometimes also known as Library GPL, as it defines where copyleft kicks in, and where it does not. Specifically, if the open source software is used as a helper library for a application or other software, then copyleft is not applicable. Since the terms are better defined in LGPL vs GPL, it is the more popular license when open source is used in commercial products.</span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>BSD</strong> - Stands for Berkely Software Distribution. A very permissible license, which has no copyleft clause at all. There are also several other "BSD-like" licenses.</span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>Apache Public License</strong> - Similar to BSD, but has an explicit patent grant clause.</span></li>
<li><span style="font-family: 'Trebuchet MS', sans-serif;"><strong>Eclipse Public License</strong> - Famous for the Eclipse IDE.</span></li>
</ul>
<span style="font-family: 'Trebuchet MS', sans-serif;">In the next post, I’ll try to delve deeper into some of the above, especially the GPL and L-GPL.</span>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-87316388950790942812012-04-14T07:39:00.000-07:002012-04-19T03:20:49.008-07:00Estimates for Nokia 1Q2012<h3>
<span style="font-family: 'Trebuchet MS';">Update on 19-April</span></h3>
<span style="font-family: 'Trebuchet MS';">Results are now avialable at<a href="http://www.results.nokia.com/results/Nokia_results2012Q1e.pdf" target="_blank"> http://www.results.nokia.com/results/Nokia_results2012Q1e.pdf</a></span><br />
<br />
<span style="font-family: 'Trebuchet MS';">I was close on the revenue, but way underestimated the loss. In particular NSN made bigger losses than I expected.</span><br />
<span style="font-family: 'Trebuchet MS';"><br /></span><br />
<span style="font-family: 'Trebuchet MS';">My estimate of Revenue: EUR 7.8B</span><br />
<span style="font-family: 'Trebuchet MS';">Actual Revenue : EUR 7.4B</span><br />
<span style="font-family: 'Trebuchet MS';">My estiamte of Losses : EUR 0.3B</span><br />
<span style="font-family: 'Trebuchet MS';">Actual Losses : EUR 1.5B</span><br />
<span style="font-family: 'Trebuchet MS';"><br /></span><br />
<h3>
<span style="font-family: 'Trebuchet MS';">Original Post from 14-April</span></h3>
<span style="font-family: 'Trebuchet MS';">Just to make it clear in the beginning... Nokia reveals it’s 1Q 2012 earnings next Thursday (</span><a href="http://www.nokia.com/global/about-nokia/investors/financials/reports/results---reports/" target="_blank"><span style="font-family: 'Trebuchet MS';">19-April-2012</span></a><span style="font-family: 'Trebuchet MS';">), and this is just an estimate based on recent announcements made by Nokia. Last week, <a href="http://press.nokia.com/2012/04/11/nokia-lowers-devices-services-first-quarter-2012-outlook-and-provides-second-quarter-2012-outlook/" target="_blank">Nokia lowered it’s outlook for it’s Devices & Services business</a> in the first quarter of 2012.</span><br />
<span style="font-family: 'Trebuchet MS';"><br /></span><br />
<span style="font-family: 'Trebuchet MS';"><b>What was stated</b></span><br />
<span style="font-family: 'Trebuchet MS';">Nokia stated that in 1Q 2012</span><br />
<ul>
<li><span style="font-family: 'Trebuchet MS';">Operating margin was negative 3% for Devices & Services.</span></li>
<li><span style="font-family: 'Trebuchet MS';">Net sales was 4.2 billion EUR.</span></li>
<li><span style="font-family: 'Trebuchet MS';">Out of the above, Mobile Phone (i.e. feature phones) sales was 2.3 billion, while Smart Devices sales was 1.7 billion EUR.</span></li>
<li><span style="font-family: 'Trebuchet MS';">Volumes were 71 million feature phones and 12 million smart phones.</span></li>
<li><span style="font-family: 'Trebuchet MS';">Gross Margins was 25% overall, with 26% in Mobile Phones & 16% in Smart Devices.</span></li>
<li><span style="font-family: 'Trebuchet MS';">Cash & liquid assets were 4.9 billion EUR.</span></li>
</ul>
<span style="font-family: 'Trebuchet MS';"><b>Interpretation</b></span><br />
<span style="font-family: 'Trebuchet MS';">Devices & Services forms the largest business unit in Nokia, followed by Nokia-Siemens Networks, and lastly, Location & Commerce. Nokia reports Devices & Services sales as the summation of the sales of the Smart Devices & Mobile Phones. In the last quarter, i.e. Q4 2011, Nokia sold 19.6 million smart phones. We know that this number has decreased to 12 million now. Similarly, in Q4 2011, Nokia sold 93.9 million feature phones, and this number has reduced to 71 million. </span><br />
<span style="font-family: 'Trebuchet MS';"><br /></span><br />
<table border="0" cellspacing="0" cols="4" frame="void" rules="none">
<colgroup>
<col width="273"></col>
<col width="86"></col>
<col width="86"></col>
<col width="98"></col></colgroup>
<tbody>
<tr>
<td align="left" bgcolor="#c0c0c0" height="51" rowspan="3" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;" width="273"><b>Devices & Services</b></td>
<td align="left" bgcolor="#c0c0c0" rowspan="3" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;" width="86"><b>Q4 2011</b></td>
<td align="left" bgcolor="#c0c0c0" rowspan="3" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;" width="86"><b>Q1 2012</b></td>
<td align="left" bgcolor="#c0c0c0" rowspan="3" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;" width="98"><b>QoQ Change</b></td></tr>
<tr></tr>
<tr></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><i>Smart Devices Net Sales</i></td>
<td align="right" sdnum="1033;" sdval="2747" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">2747</td>
<td align="right" sdnum="1033;" sdval="1700" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">1700</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-0.381143065161995" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-38.11%</td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><i>Mobile Phones Net Sales</i></td>
<td align="right" sdnum="1033;" sdval="3040" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">3040</td>
<td align="right" sdnum="1033;" sdval="2300" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">2300</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-0.243421052631579" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-24.34%</td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><i>Other (Royalties, Microsoft Payments etc.)</i></td>
<td align="right" sdnum="1033;" sdval="210" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">210</td>
<td align="right" sdnum="1033;" sdval="200" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">200</td>
<td align="left" sdnum="1033;0;0.00%" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><b>Sales</b></td>
<td align="right" sdnum="1033;" sdval="5997" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">5997</td>
<td align="right" sdnum="1033;" sdval="4200" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">4200</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-0.299649824912456" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-29.96%</td></tr>
<tr>
<td align="right" bgcolor="#c0c0c0" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td>
<td align="left" bgcolor="#c0c0c0" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td>
<td align="left" bgcolor="#c0c0c0" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td>
<td align="left" bgcolor="#c0c0c0" sdnum="1033;0;0.00%" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><i>Smart Devices Volumes (million)</i></td>
<td align="right" sdnum="1033;" sdval="19.6" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">19.6</td>
<td align="right" sdnum="1033;" sdval="12" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">12</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-0.387755102040816" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-38.78%</td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><i>Mobile Phones Volumes (million)</i></td>
<td align="right" sdnum="1033;" sdval="93.9" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">93.9</td>
<td align="right" sdnum="1033;" sdval="71" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">71</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-0.243876464323749" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-24.39%</td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><b>Volumes</b></td>
<td align="right" sdnum="1033;" sdval="113.5" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">113.5</td>
<td align="right" sdnum="1033;" sdval="83" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">83</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-0.268722466960352" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-26.87%</td></tr>
<tr>
<td align="right" bgcolor="#c0c0c0" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td>
<td align="left" bgcolor="#c0c0c0" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td>
<td align="left" bgcolor="#c0c0c0" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td>
<td align="left" bgcolor="#c0c0c0" sdnum="1033;0;0.00%" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><i>Smart Devices Gross Profit</i></td>
<td align="right" sdnum="1033;" sdval="546.653" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">546.65</td>
<td align="right" sdnum="1033;" sdval="272" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">272</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-0.50242658505487" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-50.24%</td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><i>Mobile Phones Gross Profit</i></td>
<td align="right" sdnum="1033;" sdval="842.08" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">842.08</td>
<td align="right" sdnum="1033;" sdval="598" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">598</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-0.289853695610868" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-28.99%</td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><b>Gross Profit </b></td>
<td align="right" sdnum="1033;" sdval="1547.226" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">1547.23</td>
<td align="right" sdnum="1033;" sdval="1050" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">1050</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-0.321366109411295" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-32.14%</td></tr>
<tr>
<td align="right" bgcolor="#c0c0c0" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td>
<td align="left" bgcolor="#c0c0c0" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td>
<td align="left" bgcolor="#c0c0c0" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td>
<td align="left" bgcolor="#c0c0c0" sdnum="1033;0;0.00%" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><br /></td></tr>
<tr>
<td align="right" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;"><b>Operating Profit</b></td>
<td align="right" sdnum="1033;" sdval="293.853" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">293.85</td>
<td align="right" sdnum="1033;" sdval="-126" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-126</td>
<td align="right" sdnum="1033;0;0.00%" sdval="-1.42878582148217" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-142.88%</td></tr>
</tbody></table>
<div style="text-align: center;">
<span style="font-family: 'Trebuchet MS'; font-size: x-small;"><i>Figures in miillion EUR</i></span></div>
<span style="font-family: 'Trebuchet MS';">With these estimated results in devices & services, if I add the estimated sales & profits expected in Location & Commerce and Nokia-Siemens Networks, then it should give the full estimated Nokia P&L statement. Location & Commerce sales have been too small (range of 200~300 million) to impact the top line as much as the other divisions. Last quarter (Q4 2011) it impacted the bottom line due to a 1 billion EUR goodwill impairment (discussed in a <a href="http://dipankarmitra.blogspot.in/2012/01/analysis-of-nokia-4q-2011-results.html" target="_blank">previous post</a>). The nature of this loss could be considered a one-time event, so I assume it has no impact on the profits as well. With Nokia-Siemens Networks (NSN), the sales have been declining at a rate of 4% QoQ in Q4 2011. Assuming this same rate continues, this division should generate about 3.6 to 3.7 billion EUR in revenue. NSN is expected to have an operating margin of -5%, or, in other words, a loss of about 183 million. So combining these, we get the expected Nokia Q1 2012 results below (figures in millions).</span><br />
<span style="font-family: 'Trebuchet MS';"><br /></span><br />
<span style="font-family: 'Trebuchet MS';">
</span><br />
<table border="0" cellspacing="0" cols="2" frame="void" rules="none">
<colgroup>
<col width="175"></col>
<col width="86"></col></colgroup>
<tbody>
<tr>
<td align="left" bgcolor="#c0c0c0" height="51" rowspan="3" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;" width="175"><b>Full Nokia</b></td>
<td align="left" bgcolor="#c0c0c0" rowspan="3" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;" width="86"><b>Q1 2012</b></td></tr>
<tr></tr>
<tr></tr>
<tr>
<td align="left" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">Sales</td>
<td align="right" sdnum="1033;" sdval="7860" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">7860</td></tr>
<tr>
<td align="left" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">Net Profit</td>
<td align="right" sdnum="1033;" sdval="-309" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">-309</td></tr>
<tr>
<td align="left" height="17" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">Device Volumes</td>
<td align="right" sdnum="1033;" sdval="83" style="border-bottom: #000000 1px solid; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid;">83</td></tr>
</tbody></table>
<br />
<span style="font-family: 'Trebuchet MS';">Assuming no other source of profits (for e.g. royalty payments, Microsoft payments etc.), it seems like Nokia will make a loss of about 300 million EUR this quarter.</span><br />
<span style="font-family: 'Trebuchet MS';"><br /></span>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-15896048140319741332012-03-06T22:38:00.003-08:002012-03-06T22:41:27.147-08:00Smartphone's affinity for open source software<span style="font-family: 'Trebuchet MS', sans-serif;">I had been preparing for a presentation on open source software, and I came up with an interesting find. Here's the 2011 market share of smartphone OS'es (numbers from <span style="background-color: white; color: #333333; line-height: 26px; text-align: left;"><a href="http://communities-dominate.blogs.com/brands/2012/02/smartphone-final-numbers-2011-all-the-stats-including-q4-by-handset-brands-operating-systems-and-ins.html" target="_blank">TomiAhonen Almanac 2012</a>), with call-outs indicating open source pedigree.</span></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI5wqtyTThEVfG87OQjhtLVcXt1UqEWhaMrhC8a3Nv5AVwk7o073K94SUNH0HuzqFIXMyoWBc_PVlD-8aXVfAxzzmkrQnCZoiBxnYq9DqCcQ9-go2-nMHMSXvwBK3HQzJ0NbIfUOV8Zyw/s1600/os_market_share_with_open_source.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="412" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiI5wqtyTThEVfG87OQjhtLVcXt1UqEWhaMrhC8a3Nv5AVwk7o073K94SUNH0HuzqFIXMyoWBc_PVlD-8aXVfAxzzmkrQnCZoiBxnYq9DqCcQ9-go2-nMHMSXvwBK3HQzJ0NbIfUOV8Zyw/s640/os_market_share_with_open_source.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Open source use in smartphones (Source TomiAhonen 2012 Almanac)</td></tr>
</tbody></table>
<span style="font-family: 'Trebuchet MS', sans-serif;"> <b>Android</b></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Everyone knows that Android is an open eco-system, based on the GPL v2 Linux micro-kernel. The rest of the Android stack is also open source, licensed under the Apache license.</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><b>iOS</b></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">A bit of a surprise, isn't it? Even for a closed eco-system like Apple's the use of open source software is pretty widespread. The kernel of iOS & OSX is based on Darwin, another open source BSD licensed micro-kernel. Wikipedia has a good <a href="http://en.wikipedia.org/wiki/Darwin_(operating_system)" target="_blank">article on Darwin</a>.</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Besides the kernel, iOS also uses a variety of other open source components, for e.g. <a href="http://www.khronos.org/opengles/" target="_blank">OpenGL ES</a>, <a href="http://www.ijg.org/" target="_blank">Independent JPEG Group's</a> libjpeg, ANGLE (OpenGL to DirectX mapping), <a href="http://sourceforge.net/projects/kissfft/" target="_blank">KISS FFT</a>, <a href="http://www.json.org/" target="_blank">json</a>, among many others. If you don't believe me, check Settings->General->About->Legal on your iPhone!</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"></span><br />
<a name='more'></a><span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><b>Symbian</b></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Symbian was made open source under Eclipse Public License between 2009 and 2010. </span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><b>Bada</b></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">Although no confirmations yet, but there are rumors of Samsung combining Tizen (Meego) and Bada into one, and licensing it under an open source license.</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;">So there you have it. Almost 82% of smartphones in 2011 run on an OS that has been linked with open source software. This does not prove that only open source based OS'es can succeed as smartphone platforms, but it does show remarkable affinity this industry has towards open source software!</span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-2320012467124538152012-02-15T01:42:00.002-08:002012-02-15T01:43:08.742-08:00Is HTC in trouble?There have been quite a few blog posts about HTC's 4Q 2011 and full year 2011 performance. As stated <a href="http://www.engadget.com/2012/02/06/htc-2011-q4/" target="_blank">here</a> and <a href="http://www.androidguys.com/2012/02/07/htc-posts-q4-earnings-disappointment-follows/?utm_source=Connectandroid&utm_medium=twitter&utm_campaign=Feed%3A+androidguyscom+%28AndroidGuys%29" target="_blank">here</a>, the 4Q results were disappointing, while the full year results were encouraging. So let's look at the company's full year results (adjusted for exchange rates of New Taiwanese Dollar to US Dollar).<br />
<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><img alt="" height="320" src="data:image/png;base64,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" style="margin-left: auto; margin-right: auto;" width="640" /></td></tr>
<tr><td class="tr-caption" style="text-align: center;">HTC yearly revenues, 2009 to 2011.</td></tr>
</tbody></table>
<br />
<br />
HTC revenues grew 111% in 2010, and 61.5% in 2011. These are pretty robust numbers. The smartphone industry growth has been between 55% and 65% according to analyst estimates, and HTC's growth seems to be in line with the industry growth. It all looks fine, until we take a look at the quarterly numbers (again adjusted for exchange rates at end of each quarter).<br />
<br />
<a name='more'></a><br /><br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><img alt="" height="345" src="data:image/png;base64,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" style="margin-left: auto; margin-right: auto;" width="640" /></td></tr>
<tr><td class="tr-caption" style="text-align: center;">HTC Quarterly Revenues (USD Millions)</td><td class="tr-caption" style="text-align: center;"><br /></td></tr>
</tbody></table>
<br />
<br />
HTC had a record Q2 2011, and the decline started after that. The peak in Q2 2011 helped boost the full-year 2011 results. <br />
This is intriguing. Most mobile handset companies show better revenue numbers in the Q4 of any year, due to the Western holiday period. This should be expected from HTC, whose revenues are derived mostly from US and Europe. As mentioned in their 2010 annual report, US accounts for 50.6%, while EU accounts for 32.3% of total revenues. Asia and ROW (Rest Of the World) account for a low 17.1%.<br />
<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><img alt="" src="data:image/png;base64,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" style="margin-left: auto; margin-right: auto;" /></td></tr>
<tr><td class="tr-caption" style="text-align: center;">HTC 2010 Geographical revenue breakdown (2010 Annual Report from <a href="http://www.htc.com/www/investor/">http://www.htc.com/www/investor/</a></td><td class="tr-caption" style="text-align: center;">)</td></tr>
</tbody></table>
<br />
HTC's revenues started declining from Q3 2011 and continues declining in Q4. I wonder what has caused this reversal of growth for this fast growing company? Could it be the patent litigation cases with Apple & Microsoft? Probably not, because, as stated in this post at <a href="http://fosspatents.blogspot.com/2011/12/apple-wins-itc-ruling-of-narrow.html" target="_blank">FOSS Patents</a>, the Apple litigation resulted in a sales ban for HTC which would start from April 2012. So this case could not have impacted HTC revenues in 2011. As for the Microsoft case, it ended with HTC agreeing to pay $5 per Android handset as a royalty. This certainly increases the cost of goods sold, and would have impacted HTC's gross margin, but not likely the revenues. <br />
<br />
Maybe it was it just intense competition from Samsung Galaxy S-II and iPhone 4S? Or does this signal a larger trend of US & European smartphone preferences shifting from Android to iOS? It would be interesting to see what HTC's strategy is for 2012. I am predicting they would focus a bit more on Windows Phone, thus strengthening the promised "3rd eco-system".<br />
<br />
<br />
<br />Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-40950241915427382792012-02-01T03:53:00.000-08:002012-02-01T03:55:02.488-08:00Apple's Q4 2011 results makes it the largest PC maker<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">Last week Apple released their calender <a href="http://www.apple.com/pr/library/2012/01/24Apple-Reports-First-Quarter-Results.html" target="_blank">Q4 2011 results</a> (Q1 2012 for Apple fiscal year). The 37,044,000 iPhones sold makes them the largest smartphone maker for Q4 2011. They also sold 15,434,000 iPads, 1,479,000 Mac desktops, and 3,719,000 Mac laptops. This adds upto 20.6 million personal computing devices sold in the quarter. This, according to research firm <a href="http://www.canalys.com/static/press_release/2012/canalys-press-release-300112-apple-storms-past-hp-lead-global-pc-market.pdf" target="_blank">Canalys</a>, makes Apple the largest personal computing device maker. The analysis obviously considers a tablet like the iPad as a personal computer (PC), which I think is about right. </span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSIwlPRUN7yoyOChGwjxMhb-0IQJX0X9bTXk2yvwnmEssfcAWCQHOHqd_AcF1HuqLHOaEkawq-IiUNd2N0Q7e7itTjf5Vshzdq2XmE_QERLH4c2ntqaXuI9pZ0YwHgXFhzOTg4c1saVeA/s1600/mac_pc1.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSIwlPRUN7yoyOChGwjxMhb-0IQJX0X9bTXk2yvwnmEssfcAWCQHOHqd_AcF1HuqLHOaEkawq-IiUNd2N0Q7e7itTjf5Vshzdq2XmE_QERLH4c2ntqaXuI9pZ0YwHgXFhzOTg4c1saVeA/s320/mac_pc1.png" width="283" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">"Hi, we're both PC's now!"</td></tr>
</tbody></table>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">I'm not sure how Canalys predicted that Apple has sold more PC than HP, as HP's 4Q 2011 (calender) results are still not public, but maybe they have estimated the numbers. But if these numbers are correct, then we are seeing an interesting change. The "WinTel" (Windows OS running on Intel processors) duopoly is seriously challenged. The rise of the iPad, and it's challenge to the WinTel PC is very well documented by <a href="http://www.asymco.com/2012/01/17/the-rise-and-fall-of-personal-computing/" target="_blank">Horace Dediu in his blog</a>.</span></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<br /></div>
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">It would be interesting to see what happens to Microsoft once they lose the dominance of the personal computing market. It may be a step back in time... back to the eighties, when Microsoft was writing applications for Macintosh! This was, of course, before Windows and Office took off. Maybe Microsoft will get back to writing applications for iOS and OSX devices. That would be interesting indeed! </span></div>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-88735253321732710202012-01-26T06:02:00.000-08:002012-01-28T04:36:51.642-08:00Analysis of Nokia 4Q 2011 results<b>Results Summary </b><br />
21% Year on year decline in revenue, 155% decline in earnings per share (IFRS), and 8% decline in mobile device volumes. Things certainly dont look too good for Nokia, especially considering these are Q4 results (the Christmas quarter). As the interim report states...<br />
<br />
"<span style="font-family: Nokia Sans Wide; font-size: 10pt;">On a year-on-year basis, the decline in our total Devices & Services volumes in the fourth quarter 2011 was driven by significantly lower Smart Devices volumes. Mobile Phones volumes were approximately flat year-on-year. </span>"<br />
<br />
<img align="top" alt="img" border="0" height="391" hspace="8" src="http://img837.imageshack.us/img837/4281/imgvg.png" vspace="2" width="413" /><br />
<br />
Specifically, "Devices & Services" business saw a 29% decline in net sales, 11% decline in operating margins. The decrease in margins are quite likely due to the shift to Windows Phones OS, which increases the BOM if each phone (licensing royalties to Microsoft). At least I see no other explanation, as gross margin is very simply revenue - cost of goods sold.<br />
<br />
<b>Revenue & Net Profit Trend</b><br />
I tracked Nokia’s revenues & profits over the last 3 years, and the chart below shows the trend from 2009 to 2011.<br />
<table align="top">
<caption align="bottom"></caption>
<tbody>
<tr>
<td><a href="http://img338.imageshack.us/img338/3153/img1f.png" target="_blank"></a></td></tr>
</tbody></table>
<table align="top">
<caption align="bottom"><span>Nokia 2009 to 2011</span></caption>
<tbody>
<tr>
<td><a href="http://img190.imageshack.us/img190/9171/img2dp.png" target="_blank"><img align="top" alt="img~2" border="0" height="299" hspace="8" src="http://img337.imageshack.us/img337/9362/img2preview.jpg" vspace="2" width="480" /></a></td></tr>
</tbody></table>
The two peaks in the blue revenue line shows the seasonal phenomenon in the electronics/computer industry where Q4 sales are always much higher than previous quarters. It is interesting to see that there was a good peak in Q4 2010, but it was followed by a quick decline in Q1 2011 onwards. This is most likely due to the 11-Feb-2011 announcement of moving away from Symbian, which reduced the demand for Symbian smartphones overnight. As Nokia says...<br />
"<span style="font-family: Nokia Sans Wide; font-size: 10pt;">Following the announcement of our strategic partnership with Microsoft in February 2011, our strategy included the expectation to sell approximately 150 million more Symbian devices in the years to come. However, changing market conditions are putting increased pressure on Symbian. In certain markets, there has been an acceleration of the anticipated trend towards lower-priced smartphones with specifications that are different from Symbians traditional strengths, which has contributed to a faster decline of our Symbian volumes than we anticipated.</span>"<br />
While the revenue is increasing sequentially (i.e. increasing from Q3 2011 to Q4 2011) it falls short of what Nokia was selling in 2010, and even in 2009. This is probably quite serious for the company... it’s performing worse than it was 2 years back.<br />
<br />
<a name='more'></a><br />
<b>No Goodwill</b><br />
The quarterly loss of about 1 billion euro was attributed to the impairment of goodwill in the Location & Commerce business (quite likely a revaluation of Navteq). While the word "Goodwill" sounds fancy it is easily explained... say Nokia payed ’Y’ million euros to acquire Navteq. The total asset value of Navteq, when you added everything on their balance sheet, came up to a lesser number ’X’ million euros. The difference ’Y-X’ is treated as an intangible asset arising from strategic importance of acquiring the company and potential synergies between acquirer and acquiree, and is called "Goodwill". IFRS guidelines mandate when a company should re-look on the value of these intangible synergies, and book a loss if the value of the Goodwill has decreased. Nokia reports both the IFRS and non-IFRS results, and with the non-IFRS Nokia would have made a profit of 274 million instead of a loss of 1.076 billion euros. However, IFRS is a international financial standard, which has controls on when something can be recognized as a profit or a loss. The adherance to a financial reporting standard makes it simpler to compare company performance with industry peers, and I personally feel it makes much more sense to give the general public a more realistic view of the financial state of the company (for e.g. the rules of recognizing goodwill impairment).<br />
<br />
<b>Oh Symbian, Where Art Thou!</b><br />
Nokia sold 19.6 million smartphones, consisting of Windows Phone, Meego (N9) and Symbian devices. Of these, the Windows Phone based Lumia handsets sold about 1 million. While the Meego volumes are not mentioned, I would expect them to be approximately similar to WP. In fact, it would have sold a great deal better than WP if it was available in prime markets, but it was not. So with an estimated 2 million WP and Meego smartphones, leaves 17.6 million Symbian devices still. This is interesting, even after 4 quarters of decreasing demand (due to Feb 11th announcements of abandoning Symbian), it is still the best selling smartphone Nokia can produce! For WP to take it’s place, it would need to grow 1760% over the next year! Lesson... dont kill your cash cow before you are sure you have a replacement.Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-76080970142917056882012-01-11T00:56:00.000-08:002012-01-11T01:19:57.588-08:00Five Reasons Why Forbes May Be Wrong on Microsoft's Windows Phone<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">My LinkedIn homepage directed me to this article today on Forbes,
titled “<a href="http://tinyurl.com/832sxj8">Five reasons why Microsoft Windows
Phone will make a big splash</a>”.</span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">Interesting read, but sadly, not many of these 5 reasons cited by the author
make much sense to me. Of course, they all make <i>sense</i>,<i> </i>in general, but I don’t see
any of these 5 reasons strong enough to make a “big splash”!<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: 'Trebuchet MS', sans-serif;">Reason
#1: Windows Phone Has A Totally Unique UI<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">Yes it does. So did <a href="http://youtu.be/KslLUmej4hw">RIM
playbook</a>, but that did not help RIM much, did it? Having a unique UI may or may not help make the product a success. Having a UI that makes something simpler, easier or faster to do may help, but still cannot guarantee success. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #0033cc; font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><b>Reason #2: </b><strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; line-height: 24px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: left; vertical-align: baseline;">Originality Means Fewer Forays Into The Patent Wars</strong></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">Come on now! When you have a minefield of patents for everyday activities like <a href="http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=45&f=G&l=50&co1=AND&d=PTXT&s1=multi-touch&s2=Apple&OS=multi-touch+AND+Apple&RS=multi-touch+AND+Apple" target="_blank">clicking a button on a touch-screen</a>, or <a href="http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&p=1&u=%2Fnetahtml%2FPTO%2Fsearch-bool.html&r=1&f=G&l=50&co1=AND&d=PTXT&s1=7210161.PN.&OS=PN/7210161&RS=PN/7210161" target="_blank">uploading a photograph</a>, no smartphone OS maker can be safe from patent wars. The only way to prevent patent wars is to build a big & mean portfolio of patents as a deterrent to any infringement claims. I believe Microsoft already has this, and so the point of fewer patent wars is valid, but the reason is not "originality".</span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><b>Reason #3: Uniformity Across All Devices & Carriers</b></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">iOS already has this. So what's new? And who says that tight control and uniformity is the key to success in smartphones? We're talking about the world here, not USA. Android's "clopen" system is successful, Apple's closed iOS is also successful. Microsoft has just chosen to go the Apple way instead of the Google way.</span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span style="font-family: 'Trebuchet MS', sans-serif;"></span><br />
<a name='more'></a><b style="font-family: 'Trebuchet MS', sans-serif;">Reason #4: Zune is Baked Right Into the OS</b></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">And that is a reason for making a "splash"?? Is it as good as having a iPod integrated into an iPhone? Even the Symbian Belle (nowadays called Nokia Belle) music player was pretty good enough for music listening.</span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><b>Reason #5: XBox Live Gaming Support</b></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">Well, this may be a valid reason. Gaming on smartphone is a hygiene factor now. How compelling the gaming experience is, can make or break a product. I personally dont know how good the XBox Live games are, as I've never used an XBox (live or otherwise). But if they're as good as the iOS games available, then yes, this is a good reason.</span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">So here it is... just 2 of the 5 reasons seem valid to me. </span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">Forbes also forgets to mention the two more critical reasons that can really make WP a success. </span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><b>#1 Nokia:</b> The single most important reason why Microsoft can hope for a entry into the smartphone OS club. It may come as a surprise, but a majority of buyers around the world dont care if it's Symbian, Meego, or Windows Phone. The Nokia brand means a good phone, reliable phone, and people will buy it. Nokia has also marketed the Lumia well at least in India (nicely downplaying that it's a Microsoft powered phone). If Nokia can survive a few more quarters of losses (as it will take some time to compensate for lost Symbian sales), they can pull this off!</span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><b>#2 Android Patent Litigations: </b></span><span style="font-family: 'Trebuchet MS', sans-serif;">Android patent wars have been getting hot, and Google does too little, too late, to protect it's precious eco-system. It wont take much for HTC and Samsung to decide to switch sides. Once Samsung switches, LG will follow. Sony and Motorola may be the only few big names left in the Android camp. Even if Samsung and HTC dont switch sides, </span><span style="font-family: 'Trebuchet MS', sans-serif;">the losses due to <a href="http://www.engadget.com/2011/09/09/german-court-upholds-injunction-against-samsung-galaxy-tab-10-1/" target="_blank">injunctions</a> (Samsung) and </span><span style="font-family: 'Trebuchet MS', sans-serif;">the <a href="http://www.microsoft.com/presspass/press/2010/apr10/04-27mshtcpr.mspx" target="_blank">license fees they pay to Microsoft</a> (HTC), may drive down their margins and make the Android OEM's less profitable. This may not mean that overnight WP gains Android's market share, but it means that it's that much easier to compete with the Android.</span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-16718092675325705992011-12-24T03:27:00.000-08:002011-12-24T03:32:45.885-08:00A Week With the iPhone: A ex-Symbian addict's view<span style="font-family: Tahoma;">One week back, on an impulse, I bought the iPhone 3GS. I explained why in my <a href="http://dipankarmitra.blogspot.com/2011/12/goodbye-symbian-hello-ios.html" target="_blank">last post</a>. In this post, I share my first week’s experiences moving from Symbian to iOS5.</span><br />
<br />
<span style="font-family: Tahoma;"><b>General Usability</b></span><br />
<span style="font-family: Tahoma;">Setting up the phone was quite simple. Apple provides a small pin to pull out the SIM card slot at the top of the phone. Once the SIM is inserted, the phone has to be powered up, and it guides you through the installation process. </span><br />
<br />
<span style="font-family: Tahoma; font-size: x-small;">
</span><br />
<table align="top">
<caption align="bottom"><span>Setup screens.</span></caption>
<tbody>
<tr>
<td><a href="http://img841.imageshack.us/img841/1797/20111217240.jpg" target="_blank"><img align="top" alt="2011-12-17-240" border="0" height="360" hspace="8" src="http://img444.imageshack.us/img444/8286/20111217240preview.jpg" width="202" /></a></td></tr>
</tbody></table>
<br />
<span style="font-family: Tahoma;"><span style="font-family: Tahoma;">I had no problems transferring my contacts, since all my contacts are on Outlook (MS Exchange). Once I configured the Exchange account, all contacts were there for me on my new phone.</span></span><br />
<br />
<span style="font-family: Tahoma;">I have been quite used to the Symbian way of "Menu" button based browsing apps and settings on the phone. On iOS, there is no "Menu" button. All the settings and apps are there on the various home-screens, and you just tap the icons directly. Of course, Symbian Anna & Belle had pretty good home-screens, but they had shortcuts and widgets...you could still press the Menu key to get to the application, and that’s what is not there in iOS. It’s more simple, I guess, but at times I find myself pressing the "Home" button, thinking it would take me to the "Menu" (old habits die hard). I also took some time to figure out that there is no option for closing or exiting an app in iOS. Pressing the home-screen is the way to close an app. </span><br />
<span style="font-family: Tahoma;">As expected, I found iOS to be more responsive than Symbian in launching of apps. To be fair, there are times when the phone is sluggish, you press keys, but are not sure if it has registered, etc etc, but overall I find that the launch times of most applications are quite faster than on Symbian. One reason could be the more powerful Cortex processor, which Symbian phones still dont have. The other reason is that the application development concept itself is different. For those interested here is an excerpt from the Apple developer pages.</span><br />
<br />
<span style="font-family: Tahoma;">"<i>For example, an app’s launch time is almost always something you should improve during the development process. Other critical tasks should always be performed quickly. When a task cannot be performed quickly, <br />your app’s user interface should provide some clue to the user that the task may take additional time. Tasks that cannot be performed quickly should not block the user interface; perform these tasks in the background instead."</i></span><br />
<br />
<span style="font-family: Tahoma;"><b>Content (Apps, Games etc)</b></span><br />
<span style="font-family: Tahoma;">One buys a smartphone these days with the single objective of loading it with favorite apps. Both Symbian and iOS have a vast library of apps, games & themes. But I am impressed by two things in the iOS app store</span><br />
<span style="font-family: Tahoma;"><br />1) <i>Ease of finding the app you want</i> - It is quite simple, just type in the iTunes search box. I wonder why Nokia Ovi Store made it so difficult for me to find anything. </span><br />
<span style="font-family: Tahoma;">2) <i>Quality of apps</i> - Apple’s stringent scrutiny sure pays off here. I used to download and even buy apps from Nokia Ovi Store on my N8, but apart from the Angry Birds series, I never found anything that was compelling enough to hold my attention. But for every app I downloaded for the iPhone, I was addicted to it. The games are real fun, and quite engrossing as well.</span><br />
<br />
<table align="top">
<caption align="bottom"><span>Screenshot from Metal-Storm game.</span></caption>
<tbody>
<tr>
<td><img align="top" alt="IMG_0013" border="0" height="320" hspace="8" src="http://img24.imageshack.us/img24/1604/img0013preview.jpg" width="480" /></td></tr>
</tbody></table>
<br />
<span style="font-family: Tahoma;">The e-Books have opened up a whole new category to me. I got the entire Sherlock Holmes collection for free from the app store. This is really cool, and I love reading these e-Books.</span><br />
<br />
<table align="top">
<caption align="bottom"><span>The complete Sherlock Holmes.</span></caption>
<tbody>
<tr>
<td><img align="top" alt="IMG_0014" border="0" height="360" hspace="8" src="http://img94.imageshack.us/img94/2755/img0014preview.jpg" width="240" /></td></tr>
</tbody></table>
<span style="font-family: Tahoma;"><b></b></span><br />
<a name='more'></a><span style="font-family: Tahoma;"><b> </b></span><br />
<span style="font-family: Tahoma;"><b>Having Fun</b>This is where the iPhone excels. It is quite simple... people love this device, because they have fun using it. For e.g., I could never do this with my Symbian phone...</span><br />
<br />
<iframe frameborder="0" height="315" src="http://www.youtube.com/embed/AbwKAwYmAcw" width="420 allowfullscreen"></iframe>
<br />
<b></b> <br />
<br />
<b><span style="font-family: Tahoma;">Audio (Voice & Music Playback)</span></b><br />
<span style="font-family: Tahoma;">N8 offered exceptional audio quality in both voice calls, and music playback. I should know, because I worked in the audio area in Nokia for a good length of time. I could see (or more correctly, hear) on the N8, the efforts of all my audio software and hardware colleagues from Tampere & Oulu. N8 had virtually replaced my iPod, because I strongly felt that the N8 had better music reproduction than my iPod (Nano). I was vary that the iPhone would disappoint me in this area. So far, the iPhone has not disappointed me. Voice call quality is reasonably good. At least so far I could not make out any difference. On the far end, no one has complained that they could not hear me well. </span><span style="font-family: Tahoma;">For music playback, I think Apple has addressed the issues it had on iPod Nano’s, and on the first few listening sessions, I cannot make out any difference in audio quality between the N8 and the iPhone.</span><br />
<br />
<b><span style="font-family: Tahoma;">Camera</span></b><br />
<span style="font-family: Tahoma;">iPhone camera SUCKS!! Sorry, this is one department that Apple has got wrong, and Symbian had got right. My N8 used to click pictures that would make a full-fledged digital camera shy. iPhone 3GS even lacks hardware keys for launching the camera and snapping pictures, which can make it a bit awkward. I dont even want to compare the pictures taken by N8 to those with the iPhone...but for this post I will!</span><br />
<span style="font-family: Tahoma;">
</span><br />
<table align="top">
<caption align="bottom"><span>iPhone 3GS</span></caption>
<tbody>
<tr>
<td><img align="top" alt="iPhone_IMG_0015" border="0" height="750" hspace="8" src="http://img192.imageshack.us/img192/91/iphoneimg00152.jpg" vspace="2" width="1000" /></td></tr>
</tbody></table>
<b></b> <br />
<b></b> <br />
<table align="top">
<caption align="bottom"><span>N8.</span></caption>
<tbody>
<tr>
<td><img align="top" alt="N8_2011-12-24-246" border="0" height="562" hspace="8" src="http://img703.imageshack.us/img703/9287/n820111224246.jpg" vspace="2" width="1000" /></td></tr>
</tbody></table>
<span style="font-family: Tahoma;">Both pictures were resized to the same size as there’s no point in comparing a 12MP image to a 3MP image. </span><br />
<b><span style="font-family: Tahoma;">Battery Life</span></b><br />
<span style="font-family: Tahoma;">What can I say! I have been spoiled by Symbian’s long-long-long battery life. I am so not used to charging the phone every night. But I guess the battery running out in a day is partly because I’m still in the "discovery" phase with the phone. Once If I play less games, reading less ebooks, and browse less, then maybe the battery would last for more than a day.</span><br />
<b></b>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com2tag:blogger.com,1999:blog-2342316727906699663.post-4280242578762268402011-12-17T21:23:00.000-08:002011-12-17T21:52:43.755-08:00Goodbye Symbian, Hello iOS<span style="font-family: Trebuchet MS;">I finally joined the iOS bandwagon by purchasing a iPhone 3GS from Aritel yesterday. It was available at a discount, because of the launch of 4S (I guess Airtel needs to clear it’s inventory). </span><br />
<br />
<table align="top">
<caption align="bottom"><span style="font-family: Trebuchet MS;">iPhone 3GS in the box.</span></caption>
<tbody>
<tr>
<td><span style="font-family: Trebuchet MS;"><a href="http://img254.imageshack.us/img254/6859/20111217236preview.jpg" target="_blank"><img align="top" alt="2011-12-17-236" border="0" height="269" hspace="8" src="http://img830.imageshack.us/img830/7788/20111217236preview1prev.jpg" width="480" /></a></span></td></tr>
</tbody></table>
<table align="top">
<caption align="bottom"><span style="font-family: Trebuchet MS;">Contents of the box (everything but the swiss knife on the right).</span></caption>
<tbody>
<tr>
<td><span style="font-family: Trebuchet MS;"><a href="http://img6.imageshack.us/img6/2571/20111217237preview.jpg" target="_blank"><img align="top" alt="2011-12-17-237" border="0" height="269" hspace="8" src="http://img189.imageshack.us/img189/9526/20111217237preview1prev.jpg" width="480" /></a></span></td></tr>
</tbody></table>
<br />
<b><span style="font-family: Trebuchet MS;">Why iPhone/iOS?</span></b><br />
<span style="font-family: Trebuchet MS;">This is my first non-Nokia phone in the last 11 years. This is my second non-Symbian phone (I breifly used a S40 phone) in the same time. To be frank, I never thought I would buy an iPhone. A Nokia Symbian phone has always offered the best value-for-money while still satisfying the techno-geek in me. But as Nokia CEO decided to kill Symbian, I thought it’s about time I looked at some other smartphone OS. I had to choose between Android or iOS, because the other OS’s out there are not for me! Windows Phone is something that I personally will never buy, the reason for which I have ranted on in an <a href="http://dipankarmitra.blogspot.com/2011/11/why-i-will-not-buy-nokia-windows-phone.html" target="_blank">older post</a>. Blackberry is in more trouble than Symbian, and I strongly believe it will not last. The smartphone market is what economist call a "networked market" where it’s either a virtuous cycle or a vicious cycle.</span><br />
<span style="font-family: Trebuchet MS;">My first choice was, of course, Android. However, after researching a bit, and asking a few questions to Android owners I realized that Android is just the new Symbian. Android’s evolution is quite similar to that of Symbian... a large technology firm is backing it and driving the roadmaps, many handset manufacturers have adopted it, ported it on a wide variety of hardware, ranging from ARM9 to ARM-Cortex-A9, and customized the UI. Android users also give a pretty underwhelming response when asked for feedback. The most general response from Android users is "It’s a pretty attractive phone, but it has a few nagging problems". I think Android will soon face all the problems that Symbian did, and within the next 5 years will start declining. But that’s all my prediction, which is based on no data to speak of, except an uncanny resemblance to the Symbian story. My logic, whether flawed or otherwise, convinced me to not buy an Android phone.</span><br />
<span style="font-family: Trebuchet MS;">So I was left with iOS, and seeing the prices of iPhone 4, and 4S in India, I kind of gave up on the idea of buying a new phone. The iPhone 4 costs Rs. 38,000, while 4S is Rs. 44,500. For that much I could buy a nice laptop, thank you very much! However, while searching the airtel website for iPhones, I noticed that they are still selling the 3S, for a much more affordable price. At Rs. 20,900, it is cheaper than my existing N8. I guess this was the best way to jump on the iOS bandwagon. I researched the technical specs a bit, and found that although it runs at the same clock speed as the N8, it’s based on Cortex A8, which is faster than the ARM11 on my existing Nokia N8.</span><br />
<br />
<a name='more'></a><br /><br />
<span style="font-family: Trebuchet MS;"><b>First Impressions</b></span><br />
<span style="font-family: Trebuchet MS;">It’s been less than 24 hours with the iPhone, so I think it’s too early for a verdict. But I was impressed by a few things. One is the extremely good integration with PC-based iTunes... apps, music, videos and the store. I was much relieved that it has a bigger QWERTY virtual keyboard than the N8. It’s much easier for me to write messages and emails now. Apple has paid good attention to ease of use... in particular, see this screen where it asks for a Microsoft exchange mandated phone lock code.</span><br />
<table align="top">
<caption align="bottom">Lock code setup when MS exchange active sync is configured.</caption>
<tbody>
<tr>
<td><a href="http://img838.imageshack.us/img838/8845/20111217243preview.jpg" target="_blank"><img align="top" alt="2011-12-17-243" border="0" height="360" hspace="8" src="http://img805.imageshack.us/img805/1779/20111217243preview1prev.jpg" width="202" /></a></td></tr>
</tbody></table>
<br />
<span style="font-family: Trebuchet MS;">It tells me how many digits is required for the code, unlike on Symbian where I would enter a 4 digit code, only to be told that the code does not meet the administrator’s criteria! It’s a small thing, but much appreciated.</span><br />
<span style="font-family: Trebuchet MS;">However, the iPhone sucks in the camera department! Of course, it’s not a very fair comparison, as the N8 is a digital camera which can also make phone calls. I’ll be updating more on my experiences moving form Symbian to iOS as I learn more about this phone. And now, back to iTunes store to see what goodies I can download for free!</span>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-27088782331737222692011-11-29T01:11:00.001-08:002011-11-29T01:13:10.517-08:00Angry Zynga loses chance to launch "Birdsville"<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">I just read this <a href="http://techcrunch.com/2011/11/28/rovio-said-to-have-turned-down-2-25-billion-acquisition-by-zynga/" target="_blank">post</a></span><span style="font-size: small;"> that Rovio, the makers of Angry Birds have turned down a 2 billion
dollar acquisition attempt by Zynga. I am happy that the great Angry
Birds series of games are not turned into "Angry Birds-ville". The two gaming
companies are fundamentally different... Zynga is the new social gaming giant,
while Rovio is more of the traditional gaming business model on mobile. Both
have good potential of growth, but in different ways.</span></div>
<span style="font-size: small;"><span style="font-family: "Trebuchet MS",sans-serif;">
</span></span><br />
<div style="font-family: "Trebuchet MS",sans-serif;">
<span style="font-size: small;">Personally, I dont like the Zynga gaming model... it
is too irritating (ads, popups, timeouts, buy credits etc.). I'm more
confortable buying the game once, and playing it forever without any
interruptions. </span></div>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-24619894000441344432011-11-15T02:19:00.001-08:002011-11-17T01:52:51.213-08:002011 Smartphone Market Share<br />
<div style="background-color: transparent;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><span id="internal-source-marker_0.7603998840786517" style="background-color: transparent; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">What would be the 2011 market share for smartphones by OS platform? If predictions by Gartner & IDC are anything to go by, Android is clearly the winner & Windows Phone at the bottom. Both <a href="http://www.gartner.com/it/page.jsp?id=1622614" target="_blank">Gartner </a>and</span><span style="background-color: transparent; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> <a href="http://www.idc.com/getdoc.jsp?containerId=prUS22871611" target="_blank">IDC</a></span><span style="background-color: transparent; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><a href="http://www.idc.com/getdoc.jsp?containerId=prUS22871611" target="_blank"> </a>have released their forecast for 2011 market shares. Both have similar figures, as expected, but Gartner is slightly more optimistic iOS and Windows share. But overall, their figures differ by 1 to 1.5% only.</span></span></div>
<div style="background-color: transparent;">
<span style="background-color: transparent; font-family: 'Trebuchet MS', sans-serif; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJ_GZ9glSlJBfpu0o4K_Y6_HJI4g4kD03bzo2JWGT0CmKJpRVtHHdvDOM1sfpivcZZB36bYT_nzNNmeFTfYbuNj6YTU5XoP6vaozwM2bmoNq1XVXRlMuSg5DozIZOmFbvuU2kviHOCz9U/s1600/nov_2011_market_sahre_prediction.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJ_GZ9glSlJBfpu0o4K_Y6_HJI4g4kD03bzo2JWGT0CmKJpRVtHHdvDOM1sfpivcZZB36bYT_nzNNmeFTfYbuNj6YTU5XoP6vaozwM2bmoNq1XVXRlMuSg5DozIZOmFbvuU2kviHOCz9U/s1600/nov_2011_market_sahre_prediction.png" /></span></a></div>
<div style="background-color: transparent;">
<span style="background-color: transparent; font-family: 'Trebuchet MS', sans-serif; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br /></span></div>
<div style="background-color: transparent;">
<span style="background-color: transparent; font-family: 'Trebuchet MS', sans-serif; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">The chart above is a average of the two analytic firm's predictions. </span><br />
<span style="background-color: transparent; font-family: 'Trebuchet MS', sans-serif; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><br /></span><br />
<span style="background-color: transparent; font-family: 'Trebuchet MS', sans-serif; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Looking at this, I could draw the following conclusions...</span></div>
<div style="background-color: transparent;">
<ul>
<li><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; white-space: pre-wrap;">Android is the new Symbian</span></li>
<li><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; white-space: pre-wrap;">iOS is the new Blackberry</span></li>
<li><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; white-space: pre-wrap;">RIM itself is down but not out</span></li>
<li><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; white-space: pre-wrap;">Windows - Long way to go to become anywhere close to the "3rd ecosystem".</span></li>
</ul>
<div>
<span class="Apple-style-span" style="font-family: Tahoma; font-size: x-small;"><span class="Apple-style-span" style="white-space: pre-wrap;"><br /></span></span></div>
</div>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-54252313495791520542011-11-04T21:04:00.000-07:002011-11-14T03:03:29.468-08:00Why I will not buy a Nokia Windows Phone<br />
<div style="background-color: transparent;">
<div dir="ltr" id="internal-source-marker_0.5728691262193024" style="margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">
<span style="background-color: transparent; font-family: Arial; font-size: 11pt; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Last week, Nokia announced the </span><a href="http://conversations.nokia.com/2011/10/26/lumia-eclipse/"><span style="background-color: transparent; color: #000099; font-family: Arial; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;">launch of it’s Windows Phones</span></a><span style="background-color: transparent; font-family: Arial; font-size: 11pt; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">, the Lumia 800 & 710. Normally, a new cutting-edge smartphone from Nokia would interest me, as I have been a loyal Nokia customer for all of 11 years, and a Nokia employee for quite near to 5 years. But there is one reason why I will not buy these phones, even though they seem to be reasonably priced.</span></div>
<span style="background-color: transparent; font-family: Arial; font-size: 11pt; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-tab-span" style="white-space: pre;"> </span>Every morning, as I settle down in my cubilce for another days’ work, I open my laptop, and stare unproductively at the screen as I wait for it to wake up. Once awake, I open Outlook, and again stare at the splash screen while it says “Processing...” endlessly. I cannot help but think that there’s got to be a better alternative. But there isn’t. Microsoft has made sure that it’s “Wintel” monopoly (</span><span style="background-color: transparent; font-family: Arial; font-size: 11pt; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Win</span><span style="background-color: transparent; font-family: Arial; font-size: 11pt; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">dows OS, In</span><span style="background-color: transparent; font-family: Arial; font-size: 11pt; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">tel</span><span style="background-color: transparent; font-family: Arial; font-size: 11pt; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"> Processors) is so near complete, that there are no practical alternatives. Yes, we have Macs, and we have Linux, but neither are very practical. Mac, is still very expensive for what you get, and Linux, though free, has still some issues.</span><br />
<div dir="ltr" style="margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">
<span style="background-color: transparent; font-family: Arial; font-size: 11pt; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">I have tried Ubuntu Linux on my home laptop. I loved it. It booted up in a jiffy, woke up from sleep in an instant. Ubuntu installed much faster, and with less hassles, than any Windows XP install that I have done (I have not installed Windows 7 myself, so cannot comment). Wireless LAN/WiFi setup was done in seconds, printer & scanner took a bit longer, but still was quite straightforward. But my love affair with Ubuntu did not last long. I soon ran into major issues syncing my iPod and my Nokia (Symbian) Phones. There seemed to be no easy way, and this was so important to me that I reverted back to the hated Windows XP. </span></div>
<div dir="ltr" style="margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">
<span style="background-color: transparent; font-family: Arial; font-size: 11pt; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">But XP was fast when I installed it. I thought maybe I was biased. Maybe in my home laptop... where Outlook, Powerpoint, Word & Norton would not be needed... would not start slowing down. I was wrong. A few months of use, and it’s slow. Boot up has started taking significantly more time. Where previously I could press the power button and wait just about 45 seconds to start working, now I have to go and get coffee and come back to see the curser is still hour-glassing.</span></div>
<div dir="ltr" style="margin-bottom: 0pt; margin-top: 0pt; text-indent: 36pt;">
<span style="background-color: transparent; font-family: Arial; font-size: 11pt; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Microsoft software IMHO are not the best. Microsoft business practices of encouraging a monopolistic environment are even worse. It would not be good for the smartphone customers if a WinComm (Windows OS with Qualcomm processors) mimics the PC Wintel monopoly. Which is why, when it’s time to upgrade from my Nokia N8, I will be most likely looking at a Samsung Galaxy SII.</span></div>
</div>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-74202714366220312402011-10-21T23:50:00.000-07:002011-10-22T21:32:38.613-07:00A new STPI to promote innovation?<h1 class="western" style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: small; font-weight: normal;"> The
purpose of STPI (Software Technology Parks of India), as stated on
their <a href="http://www.stpi.in/index1.php?langid=1&level=0&linkid=126&lid=172">website</a>
is to “<span style="color: black;"><span style="font-style: normal;">promote
the development and export of software and software services</span></span>”.
Under the STPI scheme, a software firm can get a ten year tax holiday
on their profits from export of software and software-related
services. The tax holiday scheme is obviously to promote and
encourage the software export business, and has been quite
successful. According to <a href="http://www.nasscom.in/indian-itbpo-industry">NASSCOM
estimates</a>, the IT and BPO sector accounts for around 6% of
India's GDP in 2009 and 2010. However, a troubling trend has been
that these Indian software firms have been concentrating largely on
software services, rather than invest in software products. A quick
look at TCS and Infosys' revenue break up from Q3 2011 (Sep 30, 2011)
and 2010 whole year, respectively, reveals this disproportionate skew
towards services.</span></h1>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div style="text-align: left;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ_3Bn0y4_j_94psIJf0KpiScN3e58toM-KGW5FC7Z5wbB9_IGyUfbpJJSDtBVhfmJs7inm9JkAgUS_Jj4SBECjIG0mBbG4zOcsPAo1Ei6LhFrFJZKnvJr-mhiYrn04Gs-j-a0ML2kmXc/s1600/revenue_pie_chart.GIF" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: left;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><img border="0" height="258" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQ_3Bn0y4_j_94psIJf0KpiScN3e58toM-KGW5FC7Z5wbB9_IGyUfbpJJSDtBVhfmJs7inm9JkAgUS_Jj4SBECjIG0mBbG4zOcsPAo1Ei6LhFrFJZKnvJr-mhiYrn04Gs-j-a0ML2kmXc/s640/revenue_pie_chart.GIF" width="640" /></span></a></div>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div style="text-align: left;">
</div>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"> To
understand the reason for this services-skew, it may be necessary to
first define how a software product and a software service differ. A
software product is, essentially, licensed. The buyer does not get the
intellectual property rights to the software, but a license to use
it. The seller of the software product is still responsible for
defending the IPR in the software, as well as <a href="http://en.wiktionary.org/wiki/indemnity">indemnifying</a>
the buyer of any infringement claims by a third party. A software
service, on the other hand, does not involve any kind of licensing.
It is a pure sub-contracting of software activities from the buyer to
the provider of these services. In these cases, usually, the service
provider does not own any intellectual property rights to the
software being delivered. The service provider gets paid as the
service is being produced.</span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<a name='more'></a><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"> The
reason for the disproportionate skew towards software services is due
to this very fundamental difference in software products &
services. A company building a software product needs to make some
risky investments. Firstly, the product has to be developed to some
level of completeness before it can be sold. This means that software
resources have to be used before they can be billed. Here is the
first risk... if the company cannot sell the product, then their
investment goes down the drain. Secondly, selling software products
means that the company has full responsibility for the IPR in the
product. If someone sues the buyer, claiming that the software
product infringes on their patents, then the seller has to step in to
depend it's IPR, or bear the consequences. A level of software IPR
maturity is needed, besides investing in a legal department.</span></div>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"> Software
services, on the other hand is a low-risk business. Software
resources are allocated only when the buyer has signed on the dotted
line (or is very likely to do so soon). The risk is decidedly lower
than in software products. Besides, the IPR is usually (but not
always) the buyer's responsibility. Many of the software
subcontracting contracts state that any IPR that comes into the
picture due to the execution of the software services would transfer
to the buyer. So, in layman's terms, software services is a low-risk
way of making a quick buck! But is there anything wrong with making a
quick buck? Surely it's in the best interests of the shareholders?</span></div>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"> The
problem arises when one analyzes the business model of software
services. Here I try to use a very common strategic management framework, known
as <a href="http://hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy/ar/1">Porter's
Five Forces</a> model. While this model is used to analyze an
industry, and not a business model, it can be tweaked to consider the
not-too-hypothetical case that all companies in the industry are
providing software services only.</span></div>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<ul>
<li><div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><b>Threat
of new entrants </b>–
Very high, as the barriers to entry are low. The business model can
be easily replicated by any software firm in a low cost geography.</span></div>
</li>
<li><div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><b>Bargaining
power of buyers</b>
– High, since they usually are larger and more influential firms
than the sellers.</span></div>
</li>
<li><div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><b>Threat
of substitute </b>–
Medium to Low. The substitute here being that the buyer executes the
software activities using their own internal resources. The threat
is low since many customers of Indian software firms do not have the
geographical low cost advantage.</span></div>
</li>
<li><div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><b>Rivalry
</b>–
High. It is well known that as customers try to drive down their
costs, they would look at evaluating multiple software suppliers and
selecting the ones that best matches their cost vs value target.</span></div>
</li>
<li><div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><b>Bargaining
power of suppliers </b>–
Medium to High. The suppliers for a software services focused
company are the human resources. Engineering graduates from our many
engineering colleages and institutes of technology, as well as
employees from their rivals who are “looking for a change”.
Attrition has been a problem with most Indian software companies,
with 15% to 25% being the norm.</span></div>
</li>
</ul>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"> This
model confirms what many people already know... if all software
companies focus on software services, then the industry will not
remain profitable for long. It would end up with too much
competition, and too little differentiation to remain profitable.</span></div>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"> Software
products, on the other hand, have many advantages when compared to
services. While it is indeed riskier than services, software products
offer several benefits. The firm needs to invest once, but can sell
the same product to many buyers, with little or no customization.
This breaks out the problem of revenue growth linked to number of
employees (a problem that services-focused companies acknowledge).
Revenue now, would not be tied to the number of software developers,
but with the utility and innovation of the software product.
Moreover, the barriers to entry are a bit raised now. A competitor
has to invest a reasonably high amount of R&D effort in order to
come up with a competing software product. A higher premium can then
be charged for the product, as there would be not too many competing
substitutes. Motivation to innovate would increase, as the more
innovative the product the more profitable it generally is.
</span></div>
<div style="text-align: left;">
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"> Hence, I
strongly feel that a new Software Products Technology Parks of India
scheme should be introduced, replacing the existing STPI and even SEZ
schemes when it comes to the Software Industry. The SPTPI scheme
should provide tax breaks only for export of software products, and
not for services. Maybe even provide a tax break for domestic sales
of software products, thus ensuring that firms cater to domestic
demand. It would be fairly easy to check if a particular contract
involves a software product or service... the Income Tax Department
need just check if the seller owns the IPR or not. Quite simple &
straightforward!
</span></div>
<div style="text-align: left;">
<br /></div>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-43105893545184321692011-09-30T02:34:00.000-07:002011-09-30T02:35:27.174-07:00100% market share in tablets!<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">I did a quick check of popular tablets and the processor cores they run on. </span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhheRJpL4ujkoKoF4yrbVJiKqCdd6l_L_BJbyC0D9OrVrPMTznd4Jz5G4P7Rxdz8pCfIKmONjb1kh0FQ0m55YxYcTZs3wEhWpKHODMbE5zw5aUaveQnKa4TGQs7RYvG8Y5bDBBl2RqcDI4/s1600/tablets.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><img border="0" height="107" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhheRJpL4ujkoKoF4yrbVJiKqCdd6l_L_BJbyC0D9OrVrPMTznd4Jz5G4P7Rxdz8pCfIKmONjb1kh0FQ0m55YxYcTZs3wEhWpKHODMbE5zw5aUaveQnKa4TGQs7RYvG8Y5bDBBl2RqcDI4/s640/tablets.png" width="640" /></span></a></div>
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">It reveals what many would have already guessed. All popular tablets are based on ARM cores! Just to make sure I did not miss out anything, I checked Intel's Atom site, and it mentions just one lesser known manufacturer (CTL Corp.). It seems clear that Intel Atom is not as successful in the tablet space as it would like to be. </span><br />
<br />Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-38092638845510152982011-09-08T01:05:00.000-07:002011-09-08T01:16:33.478-07:00Android strikes back!<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Aha! This will be interesting now. <a href="http://www.bloomberg.com/news/2011-09-07/htc-sues-apple-alleging-infringement-of-four-u-s-patents.html">HTC is sue-ing Apple</a> using patents it bought from Google, which Google got from Motorola.</span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP_WLxypJythffYpWYrej3RDHZUk64jTnMtFm2nFNwTgZUvNypd9mZCPS5NnlfNVjHHtPEL_9DcFK8VwlQiOqddl9OV7SQpLnMR7ZZH2Th1pElaT__afsjMgtmwsY2IezNV8pk6NjNW8Y/s1600/5828016670_164b3e83e6.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP_WLxypJythffYpWYrej3RDHZUk64jTnMtFm2nFNwTgZUvNypd9mZCPS5NnlfNVjHHtPEL_9DcFK8VwlQiOqddl9OV7SQpLnMR7ZZH2Th1pElaT__afsjMgtmwsY2IezNV8pk6NjNW8Y/s320/5828016670_164b3e83e6.jpg" width="320" /></a></div>
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Everyone in the industry knew that Google is stocking up patent ammunition to lead it's counter-attack against Apple & Microsoft. This move also redeems Google's lost credibility among Android licensees (handset manufacturers like HTC and Samsung) when it acquired Motorola. I would expect very soon to hear news of Samsung fighting back the injunctions against Galaxy tabs with similar Google-supplied patents. A proxy patent war has started. Clash of the titans, indeed!</span>Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0tag:blogger.com,1999:blog-2342316727906699663.post-14242825819235006992011-09-06T03:58:00.000-07:002011-09-08T01:07:55.372-07:00All About "bogus & dubious patents"<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">It's pretty well known that Google does not like what is calls "<span class="Apple-style-span" style="background-color: white; color: #333333;"><a href="http://googleblog.blogspot.com/2011/08/when-patents-attack-android.html">dubious patents</a></span></span><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">". This recent post by David Drummond, Google Cheif Legal Officer, blames Microsoft, among other companies for attacking the Android licensees with infringement cases wrt bogus patents. So what really are "dubious" or "bogus" patents?</span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">A "good" patent is one which conforms to the N.U.N. test, where</span><br />
<br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">N = Novelty, i.e. it's a new idea or invention.</span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">U = Utility, i.e. it has commercial use.</span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">N = Non-obvious, i.e. it involves innovation and not something quite obvious to the industry.</span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">"Bogus" patents are those that fail in one or more of the above areas. In his paper on "Injunctions, Hold Up & Patent Royalties", <a href="http://faculty.haas.berkeley.edu/shapiro/">Carl Shapiro</a> uses the term "questionable patents" to describe this. He further states </span><br />
<blockquote>
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">[These questionable patents were] likely to be invalid or contain overly broad claims. The National Academies of Science (2004) expressed concern that many patents are issued for inventions that should in fact be considered “obvious”...</span></blockquote>
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"></span><br />
<a name='more'></a><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Bogus patents fail in either novelty (too broad claims that are not inventive) or non-obviousness (inventive, but obvious). There are examples of many patents like this. Take a look at the patent "<span class="Apple-style-span" style="background-color: white; color: #425060; font-weight: bold;"><a href="http://worldwide.espacenet.com/publicationDetails/biblio;jsessionid=F3A3B902CF5A29A8C2EA9A08808EABD0.espacenet_levelx_prod_1?FT=D&date=20080625&DB=&&CC=EP&NR=1936517A1&KC=A1&locale=en_EP">Method for distributing non real-<wbr></wbr>time media in a non real-<wbr></wbr>time media distribution system, a related system, a related media server and media client</a></span>" from Alcatel-Lucent. All it seems to claim is sending media from a server to a client based on messages sent between the two! Pretty wide claims, IMHO. Also, here is a Motorola patent (one of the many that Google paid 12 billion for?).</span><br />
<span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span><br />
<br />
<div style="background-color: transparent;">
<span id="internal-source-marker_0.9217871655710042" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; font-weight: bold; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><a href="http://www.wipo.int/patentscope/search/en/detail.jsf?docId=EP11164017"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">METHOD AND APPARATUS FOR DYNAMICALLY ADJUSTING RESOLUTION OF DISPLAY DEVICE IN MOBILE COMPUTING DEVICES</span></a></span></div>
<div style="background-color: transparent;">
<div style="background-color: transparent;">
<span id="internal-source-marker_0.9217871655710042" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">A ridiculously simple patent. The "invention" involves lowering the display resolution when the battery level on the device is low. </span></span></div>
<div style="background-color: transparent;">
<span id="internal-source-marker_0.9217871655710042" style="background-color: transparent; color: black; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></span></div>
<div style="background-color: transparent;">
<span style="background-color: transparent; color: black; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">These are examples of how some patents are granted without good analysis of if the claims are obvious or known industry-wide. </span></span></div>
</div>
Dipankarhttp://www.blogger.com/profile/07892658176574504532noreply@blogger.com0