Nokia sold about $50Bn worth of phones in 2007, another $50Bn in 2008. They made an enormous amount of money long after it was obvious to everyone their business was in massive decline.
iPhone 3G came out in summer of 2008. While Blackberry was doing very well versus Nokia, it was certainly not obviously in massive decline long before summer 2008. Perhaps the original iPhone in summer 2007 alerted people in the business, but still, that is just 1 year before. Until then, Nokia's smartphones were still considered among the top of the line.
