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Nokia In Doldrums – Reports 969 Million Euros In Losses!
Early into the evening yesterday, the Nokia reported its 3rd quarter losses for this year. Nokia has been reeling under constant losses over the last year and a half, and this reported dent in its economic condition comes as no surprise – given the most recent Reuters poll which indicated that Nokia’s net cash position would be 3.4 billion (in euro) this quarter.
According to the official statement, revenue was down by 19%, and a net loss of 969 million (in euros) is nothing to be proud of for the company. Revenue was 7.2 billion (in euro) and sale of its flagship Windows based Smartphone under the Lumia cadre were reported to be just under 3 million (in euro) units this time. Last year its 3rd quarter results were still better at 68 million (in euro) in losses over 8.9 billion (in euro) revenue. The market is still reeling under the dismay, as analysts predict that the year ahead is not all optimistic.
Nokia’s tie up with Microsoft, to offer Windows based Smartphone, hasn’t shown promise; and has failed to even remotely intimidate the market leaders: Apple and Samsung. Their next product launch is expected to be pushed in with more vigor but the holiday season ahead, as market analysts say, is not very welcoming for Nokia Lumia 920 and 820.
The only piece of reprieve for the company lies in the consistent and formidable performance of Nokia Siemens Networks which generated 323 million (in euro) revenue, up from 6 million (in euro) last year. It is not really a surprise as Nokia has turned towards vehement cost cutting aimed at achieving 1 billion (in euro) in operational efficiency, which includes slashing off 17,000 jobs in total and shutting down manufacturing plants.
Will we witness a comeback when Nokia Lumia 920 and 820 roll out next month – or is it just slow death?
Image Courtesy | ixwebhosting
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2012-10-19 05:00:14
Source: http://www.watblog.com/2012/10/19/nokia-in-doldrums-reports-969-million-euros-in-losses/
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