logo
Share SHARE
FONT-SIZE Plus   Neg

Nokia Slips To Loss In Q1 - Quick Facts

Nokia Corp. (NOK) reported that its first-quarter loss attributable to equity holders of the parent, on a reported basis, was EUR 929 million compared to net income of EUR 344 million last year. On a per share basis, reported loss was EUR 0.25 compared to net income of EUR 0.09 in the same quarter last year.

On a non-IFRS basis, loss attributable to equity holders of the parent for the quarter were EUR 282 million or EUR 0.08 per share, compared to net income EUR 489 million or EUR 0.13 per share in the year ago quarter.

The company said that loss incurred due to greater than expected competitive challenges and seasonality; reported loss also primarily driven by charges related to restructuring activities.

Reported net sales for the quarter totaled EUR 7.354 billion, down from EUR 10.399 billion in the same period a year ago.

Nokia expects its non-IFRS Devices & Services operating margin in the second quarter 2012 to be similar to or below the first quarter 2012 level of negative 3.0%.

Nokia continues to target to reduce Devices & Services non-IFRS operating expenses by more than EUR 1 billion for the full year 2013, compared to the full year 2010 Devices & Services non-IFRS operating expenses of EUR 5.35 billion.

In a separate press release, Nokia announced that Colin Giles, executive vice president of sales and a member of the Nokia Leadership Team, will step down from his position and the Nokia Leadership Team effective June 30, 2012.

okia said that it will restructure the sales organization by reducing a layer of sales management. Effective immediately, Nokia's four regional senior vice presidents and the lead of sales operations will report directly to Niklas Savander, executive vice president of markets.

The company noted that the regional senior vice presidents include Chris Weber for the Americas; Shiv Shivakumar for India, Middle East and Africa; Olivier Puech for Asia Pacific and Victor Saeijs for Europe and Eurasia.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The Royal Bank of Scotland plans to cut 880 jobs from its IT department in London by 2020, a UK labor union reported. Britain's Unite union claimed on Tuesday that the bank informed its staff about a further 40 percent cut of permanent IT jobs, which is said to be part of ongoing deep cost-cutting at the taxpayer-owned bank. The bank also plans a 65 percent reduction of contractors. Discount-store operator Target, Inc. on Wednesday lifted its fiscal 2017 forecast for earnings and comparable sales after reporting higher comps in its second quarter. Net earnings in the quarter declined, while earnings from continuing operations increased with higher sales. Adjusted earnings per share as well as top line beat analysts' estimates. In pre-market, Target shares were up 6.4 percent. Shares of A.P. Moller-Maersk A/S were gaining around 4 percent in the morning trading in Denmark after the shipping and oil company maintained its forecast for higher profit in fiscal 2017, despite the expected negative impact from the June cyber-attack of up to $300 million. In its second quarter, the company slipped to a loss, compared to profit last year.
comments powered by Disqus
Follow RTT