I think you all are arguing from different angles sorta the same thing. Let's put it this way... if your market share drops considerably, then your margins need to jump considerably - I haven't seen any proof of that yet.

If you switch to something that's not selling well, your profits will invariably decline as well as your valuation - case in point, Nokia's stock is less now than it was a year ago... under $5.00, I bought in at low $8.00, sold at $8.40, got out before this drop.

The point though, charts will prove most anything - but the above is a fact. Nokia isn't selling as much, they've dropped in valuation, they're supporting a lesser selling WP7 platform and they've yet to hit their stride in anything in their portfolios - heck, by most accounts, N9's are selling more than Lumia 800's.