Nokia records major losses because of increased competition

Mobile phone giant Nokia has reported a net loss of €929 million ($1.17 billion) in the first three months of the year.

This compares with a profit of €344 in the same period of 2011 and comes just over a week after officials from the Finnish firm announced it expected to make losses in the first two quarters of the year.

The company said that competition in the industry had led to lower sales, particularly in India, the Middle East, Africa and China.

News of the losses also comes shortly after analysts throughout the world claimed that Nokia's 14-year stay as the leading mobile phone manufacturer in the world had come to an end.

Nokia's chief executive Stephen Elop said he was pleased with the reaction to the company's new Lumia devices.

“The actual sales results have been mixed. We have faced greater than expected competitive challenges,” he was quoted as saying.

Posted by Simon Thomas

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