Nokia: A $500,000 Exit to Brooklyn?
Hours after it issued its second warning in three weeks, forecast shrinking cell phone sales for 2009 and promised to reduce expenses, Nokia held an investor meeting in Brooklyn, New York. Most analyst meetings take place in Manhattan, and Chief Financial Officer Rick Simonson told the audience on Thursday that he’d been asked why the company chose the Marriott at the Brooklyn Bridge. Brooklynites are very accommodating, Simonson said — adding that Nokia saved money by moving the meeting from the heaving center that never sleeps. Simonson didn’t give a figure, but JPMorgan said in a note that Nokia saved as much as $500,000 by simply making Wall Streeters cross to the other side of the Brooklyn Bridge. It’s hardly enough to counter a 5 percent cut in cell phone sales volume next year and probably not even a fraction of the cost of putting Nokia’s latest multi-media phone, the N-97 on the market, but it is a good start. Maybe other conference organizations will take its cue, and this reporter will have a shorter commute more often.