Nokia Shares Plummet on Poor Sales

It experienced an especially sharp sales drop in China

   

Nokia Shares Plummet on Poor Sales

nokia storefront 630 300x200 Nokia Shares Plummet on Poor SalesShares of Nokia (NYSE:NOK) tumbled more than 10% in Thursday morning trading after the struggling Finnish handset maker said its first-quarter sales dropped sharply compared to last year.

Worldwide sales of Nokia’s smartphones plunged 32%. Mobile phone sales in China, a key market, plummeted 60%. Overall global mobile phone sales sank 30%. The company’s Lumia line of smartphones, which run on Microsoft‘s (NASDAQ:MSFT) Windows OS, offered a rare glimmer of good news, rising 27% during the quarter, the Associated Press noted.

smartphone and globe Nokia Shares Plummet on Poor Sales
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Nokia posted a quarterly loss of $357 million, down substantially from the $1.2 billion loss it recorded during the same period last year. Revenue, however, sank 25% compared to a year ago.

Once the world’s dominant mobile phone maker, Nokia has stumbled in recent years as consumers migrate to smartphones like Apple‘s (NASDAQ:AAPL) iPhone and phones running Google‘s (NASDAQ:GOOG) Android operating system.

In January, Nokia suspended it quarterly dividend for the first time in two decades, but posted a fourth-quarter profit.


Article printed from InvestorPlace Media, http://investorplace.com/2013/04/nokia-shares-plummet-on-poor-sales/.

©2014 InvestorPlace Media, LLC

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