Skip to main content

Nokia Reports Net Loss of $522 Million

Nokia today reported its first quarterly loss in six quarters as handset sales fell during the second quarter of 2011. The Guardian reports that the second-quarter net loss was €368 million ($522 million by today's conversion rates). Revenues fell overall by 7 percent to €9.3 billion ($13.2 billion), and mobile revenues in particular fell by 20 percent year-over-year to €5.47 billion ($7.87 billion), making a loss of €247 million ($355.2 million). The company's Symbian smartphone business fell by 30 percent year-over-year to just €16.7 million ($24.3 million).

"The challenges we are facing during our strategic transformation manifested in a greater than expected way in Q2 2011," said Stephen Elop, Nokia CEO, in a prepared statement (PDF warning). "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. Most importantly, we are making better-than- expected progress toward our strategic goals."

Earlier this year, Nokia announced plans to adopt Windows Phone 7 as its primary smartphone operating system, pushing its beloved Symbian OS into the passenger seat. The company's first Windows Phone 7 handsets are expected before the end of the year.

For more on Nokia's second quarter 2011 results, check out the Guardian's full article here.