News Column

Nokia sales drop, loss widens

April 29, 2014

Nokia said on Tuesday its phone sales fell 30% in the last quarter they belonged to the previous world market leader and the unit's loss widened. Nokia's discontinued operations - the phone unit - posted a drop in first-quarter sales to 1.9 billion euros ($2.6 billion U.S.) from 2.8 billion in the same quarter a year earlier. The operating loss widened to 306 million from 73 million. The Finnish company said the sales decline resulted primarily from decreasing demand for its cheaper phones, but smartphone sales also fell. Microsoft bought Nokia's phone unit for 5.6 billion euros in a deal that closed on Friday. Nokia shares opened in New York Tuesday at $7.44 U.S., up 41 cents, or 5.8%, from Monday's close, within a 52-week trading range of $3.25 U.S. to $8.20 U.S.

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Source: Baystreet Tech Insider (Canada)

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