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Nokia Net Loss At EUR 1.34B; Overall Handset Sales Down 40% YoY

Nokia continues to report losses in quarter ended 31st March 2012. The company reported net sales of EUR 7.3 billion for the quarter, down 29% year-on-year and 26% sequentially, and its operating losses were at EUR 1.34 billion in contrast to operating profits of EUR 439 million, that it registered in Q1-2011. Nokia CEO, Stephen Elop said that the company was navigating through a significant transition in an industry environment that continues to evolve and shift quickly. Over the last year it made progress on its new strategy, but has faced 'greater than expected' competitive challenges. Nokia launched four Lumia devices (Windows Phone) ahead of schedule but Elop says that actual sales results have been mixed. The company exceeded expectations in markets including the United States, but establishing momentum in certain markets including the UK was more challenging. Product Highlights: - Nokia is expanding the Lumia platform with the launch of the Lumia 900 at the higher and Lumia 610 at the lower price point. - Nokia plans to renew its feature phone portfolio with 7 new Asha products - Nokia announced the Nokia 808 PureView, the first smartphone to feature Nokia PureView imaging technologies, bringing together high resolution sensors, exclusive Carl Zeiss optics and Nokiadeveloped algorithms, which will support new high-end imaging experiences for future Nokia products. The device is expected to ship during the second quarter 2012. - Nokia's Location & Commerce unit updated Nokia Maps and Nokia Drive for Nokia’s Lumia smartphones twice. With these updates, Nokia Maps now also features a…

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