Nokia on the slide after poor fiscal report
by Steven Mostyn - Jul 22 2011, 08:11
But not as many as it would like. Image: Nokia.
Earlier this week we saw Apple beating its corporate chest with regard to continuing success in the mobile market—a point of pride supported by record high revenue figures in its latest financial report.
Sadly, the same cannot be said of once-untouchable mobile phone behemoth Nokia, which has today revealed fiscal numbers that indicate the Finnish company is floundering.
Earlier this week we saw Apple beating its corporate chest with regard to continuing success in the mobile market—a point of pride supported by record high revenue figures in its latest financial report.
Sadly, the same cannot be said of once-untouchable mobile phone behemoth Nokia, which has today revealed fiscal numbers that indicate the Finnish company is floundering.
According to Nokia’s latest fiscal report, it sold 16.7 million smartphones during the last quarter, which is a sizeable 34 percent drop when compared to the 25.2 million units sold during the same period in 2010.
More worryingly, performance related to Nokia’s overall business saw it losing some €368 million Euro, with revenues falling by seven percent to €9.3 billion Euro.
Revenue for its mobile business divisions plunged by 20 percent year-on-year to €5.47 billion Euro, itself a loss of €247 million Euro.
“The challenges we are facing during our strategic transformation manifested in a greater than expected way in Q2 2011,” commented Nokia CEO Stephen Elop in a statement.
“However, even within the quarter, I believe our actions to mitigate the impact of these challenges have started to have a positive impact on the underlying health of our business,” he added.
Not to rub salt in Nokia’s wounds, but it’s worth noting that the company’s quarterly financial shortfall could have been significantly worse had it not received a recent one-off settlement of €430 million Euro from Apple following a patent dispute.
More worryingly, performance related to Nokia’s overall business saw it losing some €368 million Euro, with revenues falling by seven percent to €9.3 billion Euro.
Revenue for its mobile business divisions plunged by 20 percent year-on-year to €5.47 billion Euro, itself a loss of €247 million Euro.
“The challenges we are facing during our strategic transformation manifested in a greater than expected way in Q2 2011,” commented Nokia CEO Stephen Elop in a statement.
“However, even within the quarter, I believe our actions to mitigate the impact of these challenges have started to have a positive impact on the underlying health of our business,” he added.
Not to rub salt in Nokia’s wounds, but it’s worth noting that the company’s quarterly financial shortfall could have been significantly worse had it not received a recent one-off settlement of €430 million Euro from Apple following a patent dispute.
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