Menu
Matt Damon is Jason Bourne Again

Matt Damon is Jason Bourne Again

Galaxy Note 4 Screen is the World's Best

Galaxy Note 4 Screen is the World's Best

Iggy Azalea Sex Tape Controversy Heats Up

Iggy Azalea Sex Tape Controversy Heats Up

Paris Hilton just bought the Cutest and Smallest Dog

Paris Hilton just bought the Cutest and Smallest Dog

Kim Kardashian Flames Media about Kanye West Attack

Kim Kardashian Flames Media about Kanye West Attack

Nokia smartphone Sales Drop

Jan 23 2014, 7:21am CST | by

Nokia smartphone Sales Drop
 
 

YouTube Videos Comments

Full Story

Nokia smartphone Sales Drop

Nokia handsets unit being bought by Microsoft sees further drop in sales

HELSINKI (AP) — The Nokia handsets business that Microsoft is due to take over saw sales continue to slide in the fourth quarter as its Lumia smartphones failed to draw business away from larger competitors like Apple and Samsung.

Nokia Corp. said Thursday its overall business suffered a net loss of 25 million euros ($34 million) in the October to December period, with smartphone sales plunging 29 percent.

The devices and services unit, which will be transferred to Microsoft Corp., saw sales fall to 2.6 billion euros from 3.7 billion euros a year earlier. The unit recorded an operating loss of 191 million euros compared with an operating profit of 97 million a year earlier.

Nokia said it sold 30 million Lumia handsets in the full-year 2013, about twice as many as in 2012. But it failed to pose a challenge to the leaders in the lucrative smartphone sector, Apple Inc. and Samsung Electronics.

Nokia, the former star of the cellphone world, teamed up with Microsoft Corp. in 2011 in hopes of turning the downward trend but it has been further hit by competition from the lower end, by cheaper producers of mobile phones in Asia and China.

Last year, it agreed to a 5.4 billion-euro ($7.2 billion) sale of its ailing handset unit to Microsoft. Shareholders overwhelmingly approved the deal in November and it is expected to be closed during the current quarter, subject to regulatory approval.

Nokia chairman and acting CEO Risto Siilasmaa described the fourth quarter as a watershed for the Finnish company, which will focus on the smaller divisions it will have left after the Microsoft deal.

"During the fourth quarter, Nokia's continuing businesses produced a healthy underlying operating margin of 12 percent," Siilasmaa said. "While the first quarter of the year is seasonally weak for our continuing operations, we continue to expect the closing of the Microsoft transaction to significantly improve Nokia's earnings profile."

Nokia's continuing operations, including its solutions and networks unit, HERE mapping services and advanced technologies saw sales slump to 3.4 billion euros in the fourth quarter, down 21 percent from a year earlier.

Nokia's share price was down more than 3 percent at 5.54 euros on the Helsinki Stock Exchange.

Jari Tanner contributed to this report from Tallinn, Estonia.

Source: AP

 

You Might Also Like

Updates


Sponsored Update


Advertisement


More From the Web

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/30" rel="author">Associated Press</a>
The Associated Press (AP) is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers.

 

 

Comments

blog comments powered by Disqus

Latest stories

Apple iPhone 6 won&#039;t meet demand until November
Apple iPhone 6 won't meet demand until November
The iPhone 6 becomes available in walk-in stores this Friday
 
 
Ahmad Bradshaw appears in Monday Night Football Special
Ahmad Bradshaw appears in Monday Night Football Special
Ahmad Bradshaw appeared in the Monday Night Football Special and showed the world what he had in terms of playing talent.
 
 
iPhone 6 NFC chip is restricted to ApplePay but may open to developers soon
iPhone 6 NFC chip is restricted to Apple Pay
The iPhone 6 finally has NFC but you can't do much with it.
 
 
First iPhone 6 Teardown Photos Published
First iPhone 6 Teardown Photos Published
The First Photos of an iPhone 6 Teardown have surfaced.
 
 
 

About the Geek Mind

The “geek mind” is concerned with more than just the latest iPhone rumors, or which company will win the gaming console wars. I4U is concerned with more than just the latest photo shoot or other celebrity gossip.

The “geek mind” is concerned with life, in all its different forms and facets. The geek mind wants to know about societal and financial issues, both abroad and at home. If a Fortune 500 decides to raise their minimum wage, or any high priority news, the geek mind wants to know. The geek mind wants to know the top teams in the National Football League, or who’s likely to win the NBA Finals this coming year. The geek mind wants to know who the hottest new models are, or whether the newest blockbuster movie is worth seeing. The geek mind wants to know. The geek mind wants—needs—knowledge.

Read more about The Geek Mind.