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Nokia posts $1.7 billion loss

Posted on Thursday, April 19 2012 @ 20:36:23 CEST by

Engadget reports Nokia's sales totaled €7.4 billion ($9.7 billion) in Q1 2012, down from €10.4 billion ($13.6 billion) in the same period the year before. The phone maker recorded a loss of €1.3 billion ($1.7 billion), attributed due to both increased competition and the costs of restructuring.
Nokia's released the bundle of spreadsheets that comprise its 2012 Q1 financials, just a week after it acknowledged that it would make a loss, despite bullish sales of the new Lumia 900. The numbers reveal that the company had net sales of €7.4 billion ($9.7 billion), down from €10.4 billion ($13.6 billion) at the start of last year. Net sales are down 30 percent year-on-year, which means the company's posting a loss of €1.3 billion ($1.7 billion) for the first three months of 2012. That loss is broken down as €772 million to restructure Nokia Siemens Networks, €101 million to restructure the Devices & Services and Location & Commerce departments, principally in shedding employees and relocating its factories to Asia. It had forecasted an operating margin of three percent below "break even," and says it's likely to remain that way well into the second quarter.



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