HELSINKI, FINLAND: Finnish mobile phone company Nokia announced on Thursday (18 April) that it lost €272m in the first quarter of the year, reducing the €928m it lost in the same period last year.
But sales of €5.8bn were 20% lower than last year and 9% lower than expected by analysts polled by Dow Jones Newswires.
"While operating in a highly competitive environment, Nokia is executing its strategy with urgency and managing its costs very well," chief executive Stephen Elop said.
Analysts had anticipated that the company would report a net loss of €434m.
Nokia's devices and services division reported a 32% decline in revenue €2.888bn after it was hit by a 21% volume decline in low-end mobile phones.
The number of smartphones sold fell by 49%, but the sales decline was partially offset by a rise in the average selling price.
Nokia has bet its future on the Lumia smartphone, which aims to rival Apple's high-end iPhone and Samsung's Galaxy.
The company said a 27% volume rise reflected "increasing momentum" for the flagship phone.
Source: AFP via I-Net Bridge
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