Nokia reports 66% profit loss in second quarter

By on July 16, 2009, 11:48 AM
Nokia reported today that its second-quarter earnings dropped 66% from last year. Its net profit has dipped to $535 million from $1.5 billion, and sales have shriveled by 25% to $14 billion. Analysts predicted a profit of $462 million, and sales of $14.27 billion.

The Finnish handset maker shipped 103 million mobile devices throughout the quarter, 15% less than last year – but higher than some analysts foresaw. The company’s average price for a handset also fell, from $105 to $88. While the figures are looking grim compared to those of a year-ago, they are an improvement over the first quarter of this year.

According to Nokia CEO Olli-Pekka Kallasvuo, the company performed well in a tough quarter. He said Nokia is accelerating its transformation into a “solutions company” that offers more than just cell phones – which is probably where things like their Ovi Store come in. Kallasvuo feels that the mobile industry is seeing its biggest change of the last 20 years.




Add New Comment

TechSpot Members
Login or sign up for free,
it takes about 30 seconds.
You may also...
Get complete access to the TechSpot community. Join thousands of technology enthusiasts that contribute and share knowledge in our forum. Get a private inbox, upload your own photo gallery and more.