Q3 Bloodbath: Nokia Hemorrhages $750 Million
October 18, 2012 12:43 PM
comment(s) - last by
But trouble phonemaker does manage to be the street's pessimistic predictions
Generally it's a sign that things are looking fairly dire when a company
goes to sell its headquarters
. And for embattled Finnish phonemaker Nokia Oyj. (
), another quarter has come and gone with news of a
fresh round of financials
[PDF] which, on the surface, look very ugly.
Nokia made €7.24B (~$9.49B USD) in revenue over the quarter, down 4 percent from last quarter and 19 percent from last year. But there was a bit of good news. Of 23 analysts
The Financial Times
(UK), the average expectation was revenue of €6.93B (~$9.08B USD). In other words things look very bad, but not quite as bad as the gloomy estimates lofted by the street.
Also in the good news category, Nokia managed to move 2.9 million Lumia (Windows Phones) in the quarter, despite an
impending update to Windows Phone 8
on the horizon (which will not support current handsets). That's down approximately a quarter from the 4 million moved in Q2, but, again, even the most successful smartphone companies like Apple, Inc. (
at the end of their product cycle.
In the losses category, Nokia reduced its
€826M ($1.08B USD) loss
(Q2) to €576M ($755M USD) (Q3). Losing three-quarters of a billion dollars in a quarter is bad by any measure, but the trimmed loss does offer some signs of hope for Nokia.
Nokia rebuts the argument that Windows Phone 8 and the Lumia
its "last chance" at remaining relevant
in the smartphone argument. However, the sustained quarters of large losses would certainly seem to suggest that time is running out for Nokia -- once the world's largest smartphone maker -- to
win customers back
FT [analyst estimates]
This article is over a month old, voting and posting comments is disabled
RE: The economy is fine
10/18/2012 2:05:26 PM
I think the OP's comment was a comparison between President Obama and Nokia both refusing to face the facts about the state of their own situation.
If not, it's an off topic rant?
"I modded down, down, down, and the flames went higher." -- Sven Olsen
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