Nokia Posts “Clearly Disappointing” Financial Quarter Results

image

Nokia just posted its Q2 financial results today, it was worse than expected. Analysts predicted that Nokia will post loss of about 1-2 million Euros, but Nokia beats the estimates in the negative side by posting  a loss of $523 million (approx). Nokia shipped 88.5 million handsets in the quarter, 20 percent less than a year earlier and among which smartphones numbers just about 17 million, thus losing its top smartphone title to Apple which sold 20.3 million iPhones last quarter. Nokia expects to cut down costs to restructure its financial position.

On the positive side, Nokia CEO Stephen Elop says “increased confidence” on bringing first Windows Phone device to the market followed by volume shipments in 2012 with “sequence of concentrated product launches” following them.

Source: Nokia

Comments