Nokia Corporation has published interim financial results for the second quarter of 2014.
It covers the period in which Nokia sold most of its Devices & Services business to Microsoft, with much of the €5 billion cash from the proceeds making its way into the Q2 figures. As a result, Nokia ended the quarter with gross cash of €9.0 billion and net cash of €6.5 billion (compared to €6.9 billion and €2.1 billion respectively at the end of the previous quarter).
There are now three major parts to Nokia:
- Nokia Networks, previously known as NSN;
- HERE, the company’s location and mapping business; and
- Nokia Technologies, which looks after patent licensing.
Overall profit was €2.51 billion (£1.99 billion), a significant improvement from the loss in Q2 last year. Net sales were €2.94 billion (£2.33 billion), down 7% year-on-year.
Rajeev Suri, Nokia’s President and CEO, said “Nokia's second quarter performance shows the strength of the company today. This performance, along with the many conversations I have had with customers, partners, employees and others in my first quarter as CEO, gives me a high degree of confidence about our future.”