The following video is part of our "Motley Fool Conversations" series, in which technology editor/analyst Andrew Tonner and industrials editor/analyst Brendan Byrnes discuss topics across the investing world.

Many established tech firms are increasingly betting on the mobile market as a source of growth for the future. And although still it's early in this big-time story, we've already seen some clear leaders emerge in this space (a little company named Apple, anyone?).

In an effort to make up for lost time, we've seen many of the lagging companies in this space release their attempts at mobile devices over the last 12 months to relatively lackluster consumer responses. Recently at the Mobile World Congress in Barcelona, Spain, cellphone king Nokia touted another big-time announcement, only to disappoint observers and the stock market, sending shares down sharply on the day it presented.

Listen to this video article as Andrew explains exactly what went wrong for Nokia and where this leaves the company going forward.

Andrew Tonner has no positions in the stocks mentioned above. Brendan Byrnes owns shares of Apple. The Motley Fool owns shares of Apple, Google, and Microsoft. Motley Fool newsletter services recommend Apple, Google, Microsoft, and Nokia. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.