Finland - Nokia racks up losses
October 21, 2012, Sunday
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Print Edition
Print Edition
NOKIA Corp reported on Thursday that its third quarter net loss widened further to €969 million (US$1.27 billion) with a 19 percent plunge in revenue, as it struggles against Samsung and the iPhone in the smartphone market.
Net sales dropped to €7.2 billion (US$9.45 billion), and Nokia gave a grim outlook for the rest of the year as it prepares for this fall's launch of Microsoft Corp's new phone software, Windows Phone 8.
The Finnish firm said sales of its Lumia phones - its first Windows-based devices - dropped to 2.9 million units from 4 million in the previous quarter. It acknowledged it expects no quick gains from the new Windows launch, warning that the current three-month period would be "challenging."
Net sales dropped to €7.2 billion (US$9.45 billion), and Nokia gave a grim outlook for the rest of the year as it prepares for this fall's launch of Microsoft Corp's new phone software, Windows Phone 8.
The Finnish firm said sales of its Lumia phones - its first Windows-based devices - dropped to 2.9 million units from 4 million in the previous quarter. It acknowledged it expects no quick gains from the new Windows launch, warning that the current three-month period would be "challenging."
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