For Nokia, it comes down to this: is Microsoft's new phone software going to get it back in the smartphone race, or is it going to be too late?
After being the top seller of mobile phones in the world for 14 years, Nokia failed to meet the challenge when Apple in 2007 introduced the dazzling iPhone that caught the imagination of design-conscious customers and rattled mobile markets.
The Finnish company hit a downward spiral that has led to shrinking sales and market share, plant closures, thousands of layoffs and downgrades by credit agencies to junk status.
On Friday, research firm IDC said that in the July-to-September period, Nokia slid for the first time off the list of the top five smartphone makers in the world. It's still the second-largest maker of phones overall, but sales of non-smartphones are shrinking across the industry, and there's little profit there.