Nokia's Q3 net loss widens
Source: Agencies |
October 19, 2012, Friday
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Print Edition
Print Edition
NOKIA Corp said yesterday that its third-quarter net loss widened to 969 million euros (US$1.27 billion) as revenue plunged 19 percent and sales of its flagship Windows Phone fell under 3 million units. But investors had been expecting an even bigger drop in sales, and sent shares in the firm higher.
The struggling company said that net sales dropped to 7.2 billion euros and gave a grim outlook for the rest of the year saying the fourth quarter would be "challenging ... with a lower-than-normal benefit from seasonality in volumes."
In 2011, Nokia reported a third-quarter net loss of 68 million euros on revenues of 8.9 billion euros.
While the loss was deeper than analysts' forecast for a 610 million-euro shortfall, sales were better than the expectations for 6.99 billion euros. Nokia's share price surged above 8 percent to 2.39 euros in early afternoon trading in Helsinki.
The company said its feature phones had shown strong sales and Nokia Siemens Networks, its joint venture with Germany's Siemens AG, had seen 3 percent revenue growth in the period.
Smartphone revenue shed over 50 percent to 976 million euros with sales of its first Windows phones falling to 2.9 million units from 4 million in the second quarter of this year.
The Finnish company said it sold a total of 83 million devices in the quarter, down slightly from the previous quarter but a plunge of 22 percent from a year earlier when it had unit sales of over 106 million.
CEO Stephen Elop conceded that Nokia was still suffering as it shifts its operating platform from Symbian and Meego to Microsoft's Windows software.
The struggling company said that net sales dropped to 7.2 billion euros and gave a grim outlook for the rest of the year saying the fourth quarter would be "challenging ... with a lower-than-normal benefit from seasonality in volumes."
In 2011, Nokia reported a third-quarter net loss of 68 million euros on revenues of 8.9 billion euros.
While the loss was deeper than analysts' forecast for a 610 million-euro shortfall, sales were better than the expectations for 6.99 billion euros. Nokia's share price surged above 8 percent to 2.39 euros in early afternoon trading in Helsinki.
The company said its feature phones had shown strong sales and Nokia Siemens Networks, its joint venture with Germany's Siemens AG, had seen 3 percent revenue growth in the period.
Smartphone revenue shed over 50 percent to 976 million euros with sales of its first Windows phones falling to 2.9 million units from 4 million in the second quarter of this year.
The Finnish company said it sold a total of 83 million devices in the quarter, down slightly from the previous quarter but a plunge of 22 percent from a year earlier when it had unit sales of over 106 million.
CEO Stephen Elop conceded that Nokia was still suffering as it shifts its operating platform from Symbian and Meego to Microsoft's Windows software.
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