Welcome to the handset business, Microsoft: Nokia’s phone revenue plummets in Q1

Nokia Earnings Q1 2014

Microsoft’s acquisition of Nokia’s devices and services business was finalized last Friday but Nokia had one last gift for the new owner of its handset business: plummeting phone sales. Nokia on Tuesday reported its results for the first quarter of 2014, which included a $421 million profit on revenue totaling $3.7 billion, down 15% on year. Net sales in Nokia’s former devices and services business came in at just under $2.7 billion, which represents a massive 30% decline compared to the same quarter in 2013. Nokia’s handset business posted a $424 million operating loss in the quarter, so Microsoft clearly has a steep hill to climb — and we’re not sure if a selfie phone alone will do the trick, even if it’s code-named “Superman.”

Source:
Nokia
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