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Nokia Shares Plummet on Poor Sales

It experienced an especially sharp sales drop in China


nokia storefront 630Shares 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.

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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,

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