Nokia continues to report losses in quarter ended 30th June 2011. The company reported net sales of EUR 9.275 billion for the quarter, down 7% year-on-year and 11% sequentially, and its operating losses were at EUR 487 million in contrast to operating profits of EUR 295 million, that it registered in Q2-2010. Nokia CEO, Stephen Elop says that the challenges that the company faced during its strategic transformation (to the Windows Phone Platform), manifested in a greater than expected way in this quarter. The devices and services segment business of handset major Nokia contributed EUR 5.4 billion to net sales for the quarter ending June 30th 2011, down 20% year-on-year and 23% sequentially. The segment reported operating losses of EUR 247 million compared to operating profits of EUR 643 million that the company reported in the same quarter, last year. Smartphone sales decreased by 32% Year on Year and 33% Quarter on quarter, while mobile phone sales (other than smart phones) witnessed a decline of 20% YoY and 25% QoQ. Gross margin for the devices and services segment declined to -4.5%, from 9.5% in Q2-2010. IPR Royalties were also included in the net sales under this segment, which contributed EUR 430 million. Download: Earnings Release | Presentation Devices & Services - Device Sales: Effective April 1,2011, Devices & Services business includes two new operating and reportable segments – Smart Devices, which focuses on smartphones, and Mobile Phones, which focuses on mass market mobile devices – as well as Devices & Services Other. Device sales…
