All Sections

Nokia announces €487m loss, Windows Phone 7 device will arrive this year

Nokia has announced its recent financial results, and they’re (perhaps unsurprisingly, given recent events) pretty grim reading.

With Nokia’s net sales down 7% from last year, 11% from the previouos quarter, Nokia’s CEO, Stephen Elop said “The challenges we are facing during our strategic transformation manifested in a greater than expected way in Q2 2011″

The operating profit loss contrasts with the cheery €439 million profit made in Q1 of 2011.

Nokia’s smartphone range, who have been unable to catch up with market leaders Apple and Google, dropped 33% from earlier this year, with mobile phone sales in general also falling 18%.

Some other worrying stats include a 40% drop in year-on-year sales in China, a country growing ever-hungrier for phones. Commenting on the alarming decline, Elop said:“I believe our actions to mitigate the impact of these challenges have started to have a positive impact on the underlying health of our business.”

According to TIMN/Verge, who talked to Nokia’s Senior Manager for Communications, Ray Haddow, the impact of this financial statement means that we can expect to see the first Nokia Windows Phone 7 device released before the end of 2011.

In the financial statement, Elop continued: “We are making better-than-expected progress toward our strategic goals. During this time of transition, we expect competitive pressures to continue. However, we have a clear strategy to address the concerns about our product competitiveness. In Q2, both our Smart Devices and Mobile Phones business units moved forward on their plans.”

Discussing future devices from Nokia, he also touched upon forthcoming Windows Phone 7 handsets: “Those who already have viewed our early Windows Phone work are very optimistic about the devices Nokia will bring to market and about the long-term opportunities.”

Source: Nokia


Leave a Reply

Your email address will not be published. Required fields are marked *