World hangs up on Nokia

Stat of the day: €1.34bn - Nokia's operating loss in three months.

by
Last Updated: 09 Oct 2013
It was the world's biggest handset maker last year, but Nokia has reported heavy losses in the first quarter of 2012 after struggling to keep up with the competition.

The Finnish company’s operating loss in the three months to the end of March was €1.34bn (£1.1bn). That compares to a €439m (£359m) operating profit a year ago.

Net loss (earnings after tax) widened to €929m from a €344m net profit for the same quarter last year. That misses analysts’ expectations of a €554m loss by a wide margin.

Nokia's chief executive, Stephen Elop, admitted the company had faced greater than expected competition from the likes of other smartphone giants such as Apple and Samsung as it continues its strategy overhaul. Has Nokia been too slow to recharge its batteries?

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Martin Sorrell: “There’s something about the unfairness of it that drives me”

EXCLUSIVE: The agency juggernaut on bouncing back, what he would do with WPP and why...

The 10 values that will matter most after COVID-19

According to a survey of Management Today readers.

Why efficiency is holding you back

There is a trade-off between performance and reliability, but it doesn’t have to be zero-sum....

A simple way of achieving work-life balance

A new study has looked into the impact of setting boundaries - and how organisational...

35 Women Under 35 2020: Britain's brightest young business leaders

As the UK heads towards the worst recession for decades, these talented young businesswomen will...

Gratitude as a management tool

A simple thank you can go a long way.