Jan 2007: Nokia's reaction to Apple’s announcement is one of the most embarrassing cases in the technology industry. At the point when Steve Jobs introduced the iPhone in Jan 2007, Nokia's response was kind of broadly dismissed. The approach was that Nokia had considered adding touch screens to its cell phones in the past, and came to the conclusion that its customers did not care for a touch screen feature. No need to panic.
Nokia was complacent on selling 450 million cell phones in 2010 (402 million more than Apple) but since Jan 2007 its technology strategy was wrong, and in Sep 2013 Microsoft announced the acquisition of Nokia’s cell phone division.
Elop’s Fable; Bloomberg Businessweek, Jun 6, 2011 issue, p56
May 2016: Only a few number of Nokia employees will stay at Microsoft. The days of Nokia phones are over.