Nokia had to do something to jump off the "burning platform" that CEO Stephen Elop famously said the mobile giant was perched on, but Windows Phone hasn't been the life preserver that Elop or Nokia investors were hoping for.
Lumia, Nokia's flagship Windows Phone device, is critically praised but sales have remained weak. In the first quarter of this year, Nokia lost the title of world's largest cell phone company to Korean rival Samsung, ending a 14-year reign at top of the industry. Nokia(NOK) was the worldwide smartphone leader as recently as a year ago, but it has since fallen out of the top five.
In April, Nokia's debt was downgraded to a "junk" rating by credit rating agencies Standard & Poor's and Fitch. Elop is running out of time to lead Nokia to safety.