Nokia Faces $523M Loss In 2nd Quarter

nokiaMobile phone manufacturer Nokia Corp. on Thursday reports a loss of euro368 million ($523 million) during the second quarter and this is the first time when it was gone beyond by Apple’s iPhone in smartphone shipments.

Nokia, which had a profit of euro227 million in the same period in the last year during 2010, said that revenue has dropped 7 percent to euro9.3 billion from euro10.0 billion last year.

It dispatched 88.5 million mobile devices in April through June, which is lower from 111 million a year ago and 108.5 million in the previous quarter.

Its smartphone sales volumes dropped to 16.7 million units, which denote Nokia is no longer No. 1 in the smartphone segment. Apple Inc. sold above 20 million iPhones in the same quarter, increasing its net revenue to a stronger-than-expected $7.31 billion.

CEO Stephen Elop said, “The challenges we are facing during our strategic transformation manifested in a greater than expected way.”

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