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Nokia gets kicked in the guts this quarter, $1 billion operating loss, just 600k Lumia phones sold in the US

Nokia's Q2 2012 is not good at all, $1 billion operating loss and only 600k Lumia phones sold in the

| Business, Financial & Legal News | Posted: Jul 20, 2012 6:26 am

Nokia posted their financial results for Q2 2012, where they're reported a $1 billion operating loss on $9.21 billion in net sales. It's not as bad as it good be, but it's not great business, either. Analysts expected Nokia to have sold 4 million Windows Phone-based Lumia phones in Q2.

 

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4 million sold would've been roughly double the sales from the previous quarter, which is what they achieved, but they didn't see great success in the US. Nokia sold just 600,000 Lumia's in the US over the quarter. Nokia managed to sell 10.2 million smartphones in the quarter, down 14-percent from last year.

 

Feature phone Q2 volumes increased 4-percent quarter-on quarter, and year-on-year to reach 73 million units. Nokia ended Q2 with gross cash of $11.6 billion, and net cash of $5.2 billion. Share prices aren't doing well, where they continue to decline, and the company was forced to announce they'd be getting rid of 10,000 more employees by the end of 2013, as well as closing more facilities.

NEWS SOURCE
Thenextweb.com

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