As part of its latest mammoth quarterly earnings report, Apple (NASDAQ:AAPL) announced it shipped 37 million iPhones during the period, up a stunning 128%. Revenues soared 71% and profits were up 118%.
Compare this to Nokia’s (NYSE:NOK) quarterly results, reported Thursday morning: Its smartphone shipments plunged 31% to 19.6 million units as the average price fell 2%. Overall revenues were off 21%, and the net loss came to $1.4 billion.
Despite all this, Nokia’s stock was up about 4% in today’s trading, though still well below its 52-week high of $11.75.
So is there any hope for Nokia? Well, Thursday’s earnings report did have some good news. The company is getting traction with its new Lumia smartphones. Based on Microsoft’s (NASDAQ:MSFT) Windows phone operating system, the devices certainly are sleek looking and have fairly good functionality. Since coming on the market in October, the Lumia devices have sold more than 1 million units.
To push things further, Nokia will start to ship its Windows 7 devices into China, where it already has a strong presence, and Latin America, where it is trying to improve its foothold.
Unfortunately, the fact remains that despite the initial success of the Lumia devices, Nokia still is in desperate need of growth.
In the meantime, Apple is likely to continue to dominate the high-end market, and devices using Google’s (NASDAQ:GOOG) Android operating system will take the lower end. Nokia has lots of catching up to do.
Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He also is the author of “All About Short Selling” and “All About Commodities.” Follow him on Twitter at @ttaulli. As of this writing, he did not own a position in any of the aforementioned securities.