Nokia continues to report losses in quarter ended 30th June 2012. The company reported net sales of EUR 7.5 billion for the quarter, down 19% year-on-year and up 3% sequentially, and its operating losses were at EUR 826 million compared to operating losses of EUR 487 million, that it registered in Q1-2011. Nokia CEO, Stephen Elop said that the company was taking action to manage through this transition period, and while Q2 was a difficult quarter, Nokia employees were demonstrating their determination to strengthen its competitiveness, improve its operating model and carefully manage 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," he added. He warned that Q3 will remain difficult, but said that it was a critical priority to return the company's Devices & Services business to positive operating cash flow as quickly as possible. Product Highlights: - Nokia shipped 4 million Lumia phones in the quarter, and plans to provide updates to current Lumia products over time, well beyond the launch of Windows Phone 8. The Lumia portfolio is available in 50 markets, globally. - In April, the Nokia Lumia 610, Nokia’s affordable Windows…
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