Nokia Reports $196 Million Loss In Q1 2013 Earnings

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Nokia Reports $196 Million Loss In Q1 2013 Earnings

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Nokia posted an operating loss of €150 million (PDF), or around $196 million, today on around $7.65 billion in revenue,  with a total revenue for the quarter reaching €5.85 billion ($7.65 billion), which is down from €7.35 billion ($9.6 billion) during the same time last year.

However, despite the losses, Nokia Lumia sales have hit a record high of 5.6 million in Q1 2013. This is up from 4.4 million during the previous quarter. In the same quarter last year, Nokia only sold two million Lumia smartphones, so that’s less than double of what they’re selling now. Since shipping their first Windows Phone device in November 2011, Nokia has just under 20 million Lumias.

At the highest level, we are pleased that Nokia Group achieved underlying operating profitability for the third quarter in a row. While operating in a highly competitive environment, Nokia is executing our strategy with urgency and managing our costs very well.

We have areas where we are making progress, and areas where we are further increasing the focus. For example, people are responding positively to the Lumia portfolio, and our volumes are increasing quarter over quarter. Nokia Siemens Networks delivered another strong quarter and contributed to an overall improvement in Nokia Group’s cash position. On the other hand, our Mobile Phones business faces a difficult competitive environment, and we are taking tactical actions and bringing new innovation to market to address our challenges.

All of these efforts are aimed at improving our financial performance and delivering more value to our shareholders

Nokia’s total smartphone volumes in Q4 2012 were 15.9 million units – 9.3 million Asha full-touch ‘smartphones’, 4.4 million Lumia smartphones and 2.2 million Symbian smartphones. That was noteworthy as it was the first that Lumia device numbers had exceeded those of Symbian.

[The Next Web]

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Shivaank Rana
iGyaan's Carlos Santana! Shivaank loves Apple products! He stays up to date with the latest happenings of the tech world and gets his hands dirty with the latest Gadgets! Follow Him on Google Plus : Google+