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