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Thursday, October 20, 2011

Nokia reveals quarterly loss ahead of Windows Phone launch

Handset manufacturer Nokia, which is expected to reveal its first Windows Phone devices at Nokia World in London next week, has published financial results for the third quarter of 2011.

Overall net sales fell to 8.98 billion Euro, down 13% on the previous year, with the company making a loss for the quarter. Smart device sales were down 38% year-on-year to 16.8 million devices, while 89.8 million feature phones were shipped in Q3 2011 (up 8% from the same quarter in 2010, apparently helped by sales of dual-SIM handsets).

Stephen Elop, Nokia’s CEO, said “I am encouraged by the progress we made during Q3, while noting that there are still many important steps ahead in our journey of transformation. During the third quarter, we continued to take the action necessary to drive the structural changes required for Nokia's long-term success. From a product standpoint, our overall Mobile Phones portfolio performed well.  We shipped approximately 18 million dual SIM devices in Q3, and in markets such as India where dual SIM is pervasive, we gained market share. We also strengthened our Smart Devices line up in Q3, with the launch of our first smartphones running Symbian Belle, which improves the user experience and strengthens the competitiveness of our product portfolio. Additionally, I am encouraged by our progress around the first Nokia experience with Windows Phone, and we look forward to bringing the experience to consumers in select countries later this quarter. We then intend to systematically increase the number of countries and launch partners during the course of 2012.”

[Nokia results (pdf)]

Author: The Fonecast
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