Nokia (NYSE: NOK) reported this morning that its net loss more than tripled in the second quarter, dragged down by sagging sales of smartphones, a market in which the company has been losing ground to rivals such as Apple (NASDAQ: AAPL) and Samsung.
Source: Nokia
The Finland-based mobile-phone maker said its second-quarter net loss widened to 1.41 billion euros ($1.73 billion) from 368 million euros ($452 million). Revenue fell 19 percent to 7.54 billion euros ($9.27 billion). While the top line exceeded consensus estimates, the bottom line fell well short of the 641.1 million euros ($787.7 million) loss expected.
Sales of basic handsets increased by 2.4 percent to 73.5 million units, but total smartphone sales fell 39 percent to 10.2 million units, Nokia said. Sales of the Lumia product increased to 4 million units in the second quarter.
“Nokia is taking action to manage through this transition period,” said Nokia’s chief executive, Stephen Elop, in a statement.
Nokia was the world’s leading mobile phone maker for more than a decade but fell behind Samsung in the first quarter, according to research firm Gartner.
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