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Nokia narrows loss in Q1 as sales continue to tumble

Nokia narrows loss in Q1 as sales continue to tumble

Nokia on Thursday reported its earnings results for the first quarter, during which it narrowed its losses but saw revenue and handset volumes plummet. The Finnish cell phone vendor posted a loss of -$0.03 per share, beating the Street’s EPS expectations of -$0.05, but revenue fell 20% from the year-ago quarter to $7.6 billion. Wall Street was expecting $8.61 billion in Q1 revenue. Where handset sales are concerned, Nokia’s Lumia Windows Phone shipment volume climbed to 5.6 million units from 4.4 million in the prior quarter, but overall handset volume dove 30% to 61.9 million units. In North America, Nokia shipped just 400,000 phones, down from 700,000 in the holiday quarter. Nokia shares slid more than 12% on the news.

Zach Epstein

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.

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