Motorola's RAZR mobile phone was popular in 2004-2006. The company's annual revenues increased from $511 million in 2003 to $2.7 billion in 2006 due to RAZR phone sales. The company kept on manufacturing RAZR phones with only small evolutionary changes disregarding the rapid changes in mobile phone technology and the introduction of smartphones from Apple. As a result, Motorola lost its competitive advantage, market share and announced $2 billion loss in 2008 (Lutton, 2010).