TechnesstivityNokia Releases Q1 Results: Over One Billion Lost, Sales Down 40 Percent
Image: Dantje, Flickr
The first quarter financials of Nokia have been released. Nokia made a $1.76 billion loss while net sales of mobile devices declined by 40 percent on year. Smartphone sales dipped by 51 percent over the year.
Down by 26 percent, net sales hit $9.65 billion, down by 26 percent compared to the last quarter. Nokia had 11.9 million smartphones and 82.7 million mobile devices sold. Down by 39 percent and 27 percent respectively when compared to the previous quarter.
Worldwide, sales in China fell by 70 percent year on year. European sales saw a 35 percent decline and sales in North America were down 34 percent. Sales dropped in the Middle East and Africa by 32 percent . The AAPC region saw a 28 percent drop in sales.
Nokia blames its poor results on ‘competitive industry dynamics’. Android and iPhone are hitting sales pretty hard. They say the expansion of the Lumia series to cover high and low-end consumers are encouraging signs.
What do you think Nokia should do to improve its earnings? Leave us a comment.
Source: TNW
