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Nokia posts first loss in a decade

Posted on Thursday, October 15 2009 @ 17:57:03 CEST by

Nokia seems to be hit pretty hard by the global crisis, the Finnish phone giant announced a third-quarter loss of 559 million EUR ($834 million), or 15 cents per share, on a lower-than-expected revenue of 9.8 billion EUR. The company's first loss in a decade comes as a surprise as analysts were estimating profits of 367 million EUR.

The company had to take a 908 million EUR hit on the value of its Nokia Siemens Networks (NSN) joint venture, and suffered from a 20 percent drop in revenue. Nokia also revealed that its smartphone marketshare has dropped to 35 percent from 41 percent in the previous quarter.
Phone sales from converged devices, as Nokia likes to call it, fell to 16.4 million units from 16.9 million units in the second quarter.

That decline comes at a time when customers are increasingly interested in the feature-laden segment of phones popularized by the iPhone from Apple and the BlackBerry from Research In Motion.

"They are seeing a lot of pressure from Apple, RIM, Samsung and HTC," said Geoff Blaber, director of devices, software and platforms at CCS Insight.
More details at MarketWatch



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