Nokia reports huge net losses

19/04/2012

Nokia Reports Huge Net Losses

Mobile phone company Nokia has reported a net loss of €929 million (£761 million) in the first three months of 2012, which follows a profit warning from the firm earlier this month.

The loss compares to a profit of €344 million in the same period 12 months ago.

Negative figures weren't unexpected, as Nokia's chief executive Stephen Elop noted on April 11th that the company anticipated it would make losses in the first half of the year.

However, these are more than analysts had imagined and are as a result of poor performance from the firm's flagship Windows Phone smart devices, which are struggling to compete with the likes of Apple and Samsung.

Mr Elop said he would be trying to implement a new strategy as soon as possible for the company, which could include cost-cutting measures.

"The actual sales results have been mixed. We have faced greater than expected competitive challenges," he continued.

Posted by Peter Robinson

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