HELSINKI, FINLAND: Finnish mobile phone manufacturer Nokia announced on Tuesday, 29 October, a net loss of €91m in the third quarter as sales continued to spiral downwards.
Nokia's Lumia sales up 200%. Image: Nokia
While losses during the quarter were less than one tenth of what they had been a year earlier, turnover during the three-months dropped 22% to €5.6bn.
But sales of Lumia smartphones - which Nokia hopes can compete with Samsung and Apple devices - were a bright spot.
Lumia sales grew by about 200% year-on-year to 8.8m units, still far behind Apple's iPhone which sold 33.8m units in the same period.
Deciding to cut their losses after years of falling sales, the former world leader in mobile phones will sell its handset operations to Microsoft for €5.44bn. The sales is effective from next year.
"The third quarter was among the most transformative in our company's history," Nokia chief financial officer Timo Ihamuotila said in a statement.
He noted that in addition to the sale to Microsoft, Nokia became the full owner of NSN - formerly a joint venture with Siemens.
"(These are) transactions which we believe will radically reshape the future of Nokia for the better," Ihamuotila said.
Nokia's telecommunications equipment business, which will remain with the company, has fared better, making an operating profit despite falling sales.
Source: AFP via I-Net Bridge
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