 Hi guys, I'm Vladimir De Verge and I'm joined by Steven Elop, Nokia CEO, right here at Mobile World Congress in Barcelona. Do you want to give us a quick recap? We just finished your press conference, what you just announced here? Yes, indeed. We announced today four new Nokia products. And I think the most important theme from these products is they were products intended to reach more people at lower price points. And what you saw today was a number of our great points of innovation from the high-end devices landing in lower price devices, including two new Lumia devices and two new feature phones that we introduced today. Right, so most of the presentation, as you say, is about the trickling down of your high-end features into more affordable price points. But I also feel like our audience is more interested in maybe the things we didn't announce, the things that didn't show up and the things we kind of anticipated and hoped you might show us. One of them is the Nokia tablet. And I know you usually like to deflect those questions, but you yourself, I recall Nokia World 2011 said that there's great potential in the tablet space. Marco Artesari last year said that he's spending a large proportion of his time designing a Nokia tablet, so we know you're working on it. But when are we actually going to see that materialize in a product? So we certainly haven't announced any tablet products. What we're doing right now is watching very closely some of the dynamics that are taking place in the tablet market, particularly with the introduction of Windows 8, the new Surface products from Microsoft and so forth. We're really trying to understand the dynamics of that market and to make sure that if we were to enter that market that we would do so in a very differentiated and compelling way. So it's an area to continue to study, but it's still an opportunity for us. Right, so specifically about the Surface product, do you not feel at least a little bit betrayed by Microsoft because they kind of stole in on your area of strength, which was design, you know, very high-end design? We actually think that our areas of strength, like design, imaging, location-based services, that we are unmatched in the industry in those areas. And so of course everybody tries to work in those areas because they're important to the person using the device, but we are very confident in our strengths in those areas and look forward to competing with whoever the person is or the company is that may be introducing products. So even with Surface being out there, you still think you can compete with it? I think there's a broad opportunity for all sorts of products in the tablet space, just as there is in the smartphone space. So yes, absolutely. Okay, so you and I spoke here last year at MWC and you said you'd never be more confident about your choice with Windows Phone for your smartphone platform. Is that still the case? Are you still confident of this? Absolutely. We made the decision about two years ago to place a big bet on the Windows Phone ecosystem. And what you've seen in those two years is successive waves of products. The Lumia 920 is a flagship device, the world's most innovative smartphone, is clearly capturing the attention of consumers. We're very excited now today to be able to talk about a full range of Lumia products from the lowest price, $520, all the way up to the $920. And so now we have the building blocks in place. It's time to continue to make sure we get these products into the hands of consumers because when they use them, they love them. So we just have that work to do. That's fair enough. You just said the 920 captured attention and it did, but you still haven't had that kind of runaway success with your flagship devices. And there is this feeling that Nokia's biggest device, at least in terms of smartphones, is always the next one. There's always the buildup and anticipation of the next one. When are we going to see this hero high-end device, let's say your Galaxy S3, your iPhone 4, iPhone 5? So the Lumia 920, as it was introduced, saw lineups of people in the United States, in the United Kingdom, in China, in India. We see that product as a beautiful high-end flagship product, which is casting the halo effect across all of our other products. I get emails every day, for example, from people all over the world who say, we'd love the 920, but can you do something at a lower price point so I can afford it, for example? And there in that case, we have today both the 520 and the 720 being introduced. And so the impact of the 920 is very good. As we've said before, the demand for that product exceeds our supply even today. And so we're in a situation where our expectations for that device are clearly being surpassed. We're pleased with that. And of course, as I said at the end of this press conference a few minutes ago, there's so much more still ahead here in 2013. So there's lots of excitement still to see. No, it's understandable. And surely it's good for consumers for you to bring those features down in terms of affordability. But at the same time, again, Apple and Samsung are selling their flagship products at those price points. So evidently, there is also a market for the high price points. And the question is, how long can Nokia sustain this focus on the lower and the mid-range in terms of at least volume sales without really competing with those big brands at the very top? But we are really competing with those big brands. I was very proud, for example, late in 2012, just after we had announced the 920. Our competitors had announced their flagship products. And when people put out there and said, these are the products that are leading the pack, there were three or four products listed. The Lumia 920 was one of them. We've clearly established ourselves as a company that can compete on that basis. We have work to do to get that information into the hands of consumers to make sure that in a retail sales environment, they're being well presented and all of those things. But we've demonstrated the ability to do that. So we have the capacity to do that and we'll continue to do that while at the same time making sure that we're increasing the volume of our sales by driving to lower price points with some of that same great innovation. So let me just bring you back to last year's MWC again. When you and I spoke, you said, particularly with respect to the PureView 808, that 41 megapixel sensor and all of that oversampling technology, you said the reason you're bringing that to market was because that was going to be one of the devices that people are going to remember. We are not seeing that same level of technology, that same level of innovation this year. And a lot of people again hoped that over the past year you might have been able to combine that exact 41 megapixel sensor with Windows Phone. Firstly, will that ever happen? Maybe will we ever see it? And secondly, when are we going to see the next big innovation step from Nokia? So I'm not going to make future product announcements on the day that we are announcing a whole bunch of new products. But one thing I'll challenge in your question is the Lumia 920 also was a major groundbreaking device with the first use of mechanical optical image stabilization to create great low light photography. What you're seeing from the PureView collection of technologies, whether it's low light capabilities, lossless zooming like in the PureView 808, and a variety of other things that are still ahead are all sorts of amazing technologies. And of course you should reasonably expect to see us keep pushing on that because we've said time and time again that's a leading part of our differentiation. We are clearly leading the industry in imaging and photography and we're very interested in continuing that. So watch this space. 2013 is going to be a very exciting year. All right. Thank you very much. Thank you.
 Hi guys, I'm Vladimir De Verge and I'm joined by Steven Elop, Nokia CEO, right here at Mobile
 World Congress in Barcelona. Do you want to give us a quick recap? We just finished your
 press conference, what you just announced here?
 Yes, indeed. We announced today four new Nokia products. And I think the most important theme
 from these products is they were products intended to reach more people at lower price
 points. And what you saw today was a number of our great points of innovation from the
 high-end devices landing in lower price devices, including two new Lumia devices and two new
 feature phones that we introduced today.
 Right, so most of the presentation, as you say, is about the trickling down of your high-end
 features into more affordable price points. But I also feel like our audience is more
 interested in maybe the things we didn't announce, the things that didn't show up and the things
 we kind of anticipated and hoped you might show us. One of them is the Nokia tablet.
 And I know you usually like to deflect those questions, but you yourself, I recall Nokia
 World 2011 said that there's great potential in the tablet space. Marco Artesari last year
 said that he's spending a large proportion of his time designing a Nokia tablet, so we
 know you're working on it. But when are we actually going to see that materialize in
 a product?
 So we certainly haven't announced any tablet products. What we're doing right now is watching
 very closely some of the dynamics that are taking place in the tablet market, particularly
 with the introduction of Windows 8, the new Surface products from Microsoft and so forth.
 We're really trying to understand the dynamics of that market and to make sure that if we
 were to enter that market that we would do so in a very differentiated and compelling
 way. So it's an area to continue to study, but it's still an opportunity for us.
 Right, so specifically about the Surface product, do you not feel at least a little bit betrayed
 by Microsoft because they kind of stole in on your area of strength, which was design,
 you know, very high-end design?
 We actually think that our areas of strength, like design, imaging, location-based services,
 that we are unmatched in the industry in those areas. And so of course everybody tries to
 work in those areas because they're important to the person using the device, but we are
 very confident in our strengths in those areas and look forward to competing with whoever
 the person is or the company is that may be introducing products.
 So even with Surface being out there, you still think you can compete with it?
 I think there's a broad opportunity for all sorts of products in the tablet space, just
 as there is in the smartphone space. So yes, absolutely.
 Okay, so you and I spoke here last year at MWC and you said you'd never be more confident
 about your choice with Windows Phone for your smartphone platform. Is that still the case?
 Are you still confident of this?
 Absolutely. We made the decision about two years ago to place a big bet on the Windows
 Phone ecosystem. And what you've seen in those two years is successive waves of products.
 The Lumia 920 is a flagship device, the world's most innovative smartphone, is clearly capturing
 the attention of consumers. We're very excited now today to be able to talk about a full
 range of Lumia products from the lowest price, $520, all the way up to the $920. And so now
 we have the building blocks in place. It's time to continue to make sure we get these
 products into the hands of consumers because when they use them, they love them. So we
 just have that work to do.
 That's fair enough. You just said the 920 captured attention and it did, but you still
 haven't had that kind of runaway success with your flagship devices. And there is this feeling
 that Nokia's biggest device, at least in terms of smartphones, is always the next one. There's
 always the buildup and anticipation of the next one. When are we going to see this hero
 high-end device, let's say your Galaxy S3, your iPhone 4, iPhone 5?
 So the Lumia 920, as it was introduced, saw lineups of people in the United States, in
 the United Kingdom, in China, in India. We see that product as a beautiful high-end flagship
 product, which is casting the halo effect across all of our other products. I get emails
 every day, for example, from people all over the world who say, we'd love the 920, but
 can you do something at a lower price point so I can afford it, for example? And there
 in that case, we have today both the 520 and the 720 being introduced. And so the impact
 of the 920 is very good. As we've said before, the demand for that product exceeds our supply
 even today. And so we're in a situation where our expectations for that device are clearly
 being surpassed. We're pleased with that. And of course, as I said at the end of this
 press conference a few minutes ago, there's so much more still ahead here in 2013. So
 there's lots of excitement still to see.
 No, it's understandable. And surely it's good for consumers for you to bring those features
 down in terms of affordability. But at the same time, again, Apple and Samsung are selling
 their flagship products at those price points. So evidently, there is also a market for the
 high price points. And the question is, how long can Nokia sustain this focus on the lower
 and the mid-range in terms of at least volume sales without really competing with those
 big brands at the very top?
 But we are really competing with those big brands. I was very proud, for example, late
 in 2012, just after we had announced the 920. Our competitors had announced their flagship
 products. And when people put out there and said, these are the products that are leading
 the pack, there were three or four products listed. The Lumia 920 was one of them. We've
 clearly established ourselves as a company that can compete on that basis. We have work
 to do to get that information into the hands of consumers to make sure that in a retail
 sales environment, they're being well presented and all of those things. But we've demonstrated
 the ability to do that. So we have the capacity to do that and we'll continue to do that while
 at the same time making sure that we're increasing the volume of our sales by driving to lower
 price points with some of that same great innovation.
 So let me just bring you back to last year's MWC again. When you and I spoke, you said,
 particularly with respect to the PureView 808, that 41 megapixel sensor and all of that
 oversampling technology, you said the reason you're bringing that to market was because
 that was going to be one of the devices that people are going to remember. We are not seeing
 that same level of technology, that same level of innovation this year. And a lot of people
 again hoped that over the past year you might have been able to combine that exact 41 megapixel
 sensor with Windows Phone. Firstly, will that ever happen? Maybe will we ever see it? And
 secondly, when are we going to see the next big innovation step from Nokia?
 So I'm not going to make future product announcements on the day that we are announcing a whole
 bunch of new products. But one thing I'll challenge in your question is the Lumia 920
 also was a major groundbreaking device with the first use of mechanical optical image
 stabilization to create great low light photography. What you're seeing from the PureView collection
 of technologies, whether it's low light capabilities, lossless zooming like in the PureView 808,
 and a variety of other things that are still ahead are all sorts of amazing technologies.
 And of course you should reasonably expect to see us keep pushing on that because we've
 said time and time again that's a leading part of our differentiation. We are clearly
 leading the industry in imaging and photography and we're very interested in continuing that.
 So watch this space. 2013 is going to be a very exciting year.
 All right. Thank you very much.
 Thank you.