Sony turned it around within PS3's lifetime. Sony always had market preeminence over Xbox in a majority of markets in the 7th gen and ended up behind 360 only in NA and the UK in the end. PS3 also ended up ahead of Wii in a few markets. Ultimately, Sony only made one bad decision, which priced PS3 too high, and that is not fatal to a brand. Lots of brands do come back from one bad decision, even if that bad decision has consequences that last a while.
Coming to the end of the 7th gen (even before the disastrous decisions on Xb one were known) only deluded fools were predicting that Durango would do better than PS4 at the global level. Most people were picking Durango to be #1 in the USA and UK, but really no where else and it probably would have been if MS hadn't made some really stupid decisions.
It's clear that millions of console gamers always remained pretty sympathetic towards Playstation, even if they went with 360 in the 7th gen they were always well disposed towards Playstation. With Sony making almost all the right decisions with PS4, and MS making almost all the wrong decisions with Xb one, millions of gamers found it very easy to go back to a brand for which they always had a positive view.
Nokia, on the other hand, made a succession of bad decisions. The first bad decision was to try to stick it out with Symbian well past the time it was clear that Symbian was a losing bet. The second bad decision was hitching itself to Windows phone, which was already in a bad spot, and with Nokia in a steep decline in phone sales pairing a declining phone brand, with a poorly performing phone OS was a very questionable business decision. But MS was offering Nokia a lot of money, so hard to turn down.
And Nokia can still come back. Hell, I would totally buy a Nokia Android phone. Their hardware has never let me down. And even the Nokia Windows phone I was forced into for work is good from a hardware perspective. But you will never convince me that Windows phone is a great phone OS. It does the job, but that's all.
“The fundamental cause of the trouble is that in the modern world the stupid are cocksure while the intelligent are full of doubt.” - Bertrand Russell
"When the power of love overcomes the love of power, the world will know peace."
Jimi Hendrix