Quote from an interesting interview in the FT.com where Jorma Ollila says he has seen at least five crises in his three decades at Nokia:

Mr Ollila says that the industry is more competitive but says that Nokia’s track record of overcoming problems in the past would be key to the future. He points to a Lex column from the Financial Times in 1995, which he has kept, that declared Nokia to be at an end.

“This is about making sure you can build in a comeback, or a recovery, after a miss. The strong ones are separated from the weak ones in how they work through these cycles and demonstrate that they can come back.”

Good read and I hope he’s right. Someone else might argue that the best way to thrive is to be like great boxers: agile and able to absorb blows. Nokia might becoming agile now but with declining revenues from Symbian, how do you keep on going until necessary?
Business metaphors aside, let’s see how far €4.9 billion of net cash can take you in this turnaround.