Microsoft is making a $7 billion dollar bet.
The software company has announced that it's forking over $7.2 billion to buy Nokia's smartphone business. The bold move is aimed at rejuvenating the two companies, which are quickly losing relevance in the mobile phone market.
But time is of the essence for Microsoft, as just today Apple sent out invitations to a company event next week where it's expected to roll out not one but two new iPhones – and in a variety of colors.
So will Microsoft's gamble pay off, or is it too little too late?