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Despite renewed interest in its Lumia smartphones on American shores, Nokia’s first quarter results are bleeding a lot of red ink, both financially as well as in total units sold, which is down by more than half year over year.
The Verge is reporting that Nokia has released its financial report for the first quarter of this year (PDF), and there’s not much of a silver lining in the Finnish giant’s cloud on Thursday. A “rapid decline in Symbian handset sales” has only been “partially offset by growing sales of Nokia Lumia devices,” most recently with the Lumia 900 launch here in the U.S. on AT&T -- but sadly, those numbers fall into Q2.
Nokia reported an operating loss of €1.3 billion for a net loss of €590 million for the first three months of 2012 -- a far cry from their earlier forecast of potentially breaking even, although the company had wisely revised that estimate some time ago.
Perhaps equally troubling are the unit numbers: Nokia sold 11.9 million “smart devices” between January and March of this year, which is sadly less than half of last year’s 24.9 million for the same period. Much of this can be blamed on the company’s shift in strategy to Windows Phone, which suddenly made Nokia’s own Symbian appear to be the redheaded stepchild.
Of course, Nokia’s transition to Windows Phone is still ongoing, so the verdict remains to be seen in future quarters. Meanwhile, the company has plenty of cash in the bank to ride out the storm, but is forecasting similar losses for Q2 2012 as well.
Follow this article’s author, J.R. Bookwalter on Twitter