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
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