Nokia announces $1.01 billion operating loss in Q2 financials

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Smartphone maker Nokia has posted their Quarter 2 financial results and there is some good news and bad news. The good news is that the company has shifted around 4 million Lumia handsets, which is in line with estimates for the product line. The bad news is that the Finnish company has posted a $1.01 billion operating loss on net sales of $9.21 billion.

Comparatively few of the 4 million Lumias sold were picked up in the States, where only 600,000 were sold. In total Nokia sold 10.2 million handsets over the quarter, a drop of 14% compared to this time last year.

Nokia CEO Stephen Elop, commenting on the results, said “Nokia is taking action to manage through this transition period. While Q2 was a difficult quarter, Nokia employees are demonstrating their determination to strengthen our competitiveness, improve our operating model and carefully manage our financial resources.”

“We are executing with urgency on our restructuring program.  We are disposing of non-core assets like Vertu. We are taking the necessary steps to restructure the operations of the company, which included the announcement of a new program on June 14. Faster than anticipated, we have already negotiated the closure of the Ulm, Germany R&D site, and the negotiations about the planned closure of our factory in Salo, Finland are proceeding in a collaborative spirit.”

Source: The Next Web

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