Nokia reports €91m net loss as sales fall
While losses during the quarter were less than one tenth of what they had been a year earlier, turnover during the three-months dropped 22% to €5.6bn.
But sales of Lumia smartphones - which Nokia hopes can compete with Samsung and Apple devices - were a bright spot.
Lumia sales grew by about 200% year-on-year to 8.8m units, still far behind Apple's iPhone which sold 33.8m units in the same period.
Deciding to cut their losses after years of falling sales, the former world leader in mobile phones will sell its handset operations to Microsoft for €5.44bn. The sales is effective from next year.
"The third quarter was among the most transformative in our company's history," Nokia chief financial officer Timo Ihamuotila said in a statement.
He noted that in addition to the sale to Microsoft, Nokia became the full owner of NSN - formerly a joint venture with Siemens.
"(These are) transactions which we believe will radically reshape the future of Nokia for the better," Ihamuotila said.
Nokia's telecommunications equipment business, which will remain with the company, has fared better, making an operating profit despite falling sales.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
