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Nokia announces operating profit of €304 million in Q1 2014

Nokia has announced its results for the first quarter of 2014. It said that the company would have had net cash of €7.1 billion if the sale to Microsoft had closed before the end of the quarter. Instead the company now has cash balance of €2.1 billion. It reported operating profitability for Nokia's continuing operations increased to €304 million, 11.4% of net sales, compared to €254 million or 8.1% of net sales in Q1 2013. The company recently announced former networking unit head Rajeev Suri, as president and CEO after sale of Nokia's devices business to Microsoft. In the results the company has referred to the former devices division as 'discontinue operations'. Devices business - discontinued operations - In the quarter, Nokia announced affordable devices running on a version of Android, that comes with Microsoft services and signature Nokia experiences. - Nokia's facility in India will remain with the company following the closing of the transaction. Nokia and Microsoft have entered into a service agreement whereby Nokia would produce mobile devices for Microsoft for a limited time. - In Korea, Nokia and Microsoft agreed to exclude the Masan facility from the scope of the transaction and Nokia is taking steps to close the facility, which employs approximately 200 people. - The company did not disclose the actual number of devices it sold in the quarter. The company reported net sales of €1.9 billion, down 30% Year-on-Year (YoY) and 27% sequentially. Sales declined due to lower mobile phone sales and intense…

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