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Nokia performance better than expected as looses slimmed
Thursday, 18 April 2013
Finnish mobile phone manufacturer, Nokia today announced its results for the first quarter and it's showed an improved performance evidenced in the reduction of looses.
Despite continuous fall in sales, Nokia made a reduced negative result of EUR 150 million in January-March. Last year, same time, the company reported a loss of 1.3 billion euros.
Analysts' expectations was low here at EUR 0.04 per share, according to analysis houses. The company had a turnover of EUR 5.9 billion in the first quarter, about Eur2 billion less than the same quarter last year.
After falling behind Samsung and Apple in the smart phone race, Nokia is aiming for a comeback with the Lumia range, which uses Microsoft's Windows software, though it is still burning cash and remains a long way from the volumes shipped by the market leaders, reports Reuters.
While Nokia still sells more regular mobile phones than smartphones, its future is likely to depend on higher-margin smartphones as a growing number of global consumers want access to apps such as Twitter from their handsets, according to Reuters reports.
Nokia's gross cash position amounted to EUR 10.1 billion at the end of the first quarter, compared with EUR 9.9 billion at the end of the fourth quarter last year.
Nokia's Devices & Services business reported sales of 2.888 billion euros (4.246) and an adjusted operating profit of € 4 million (-126) for the first quarter. Operating margin, as adjusted, thus amounted to 0.1 percent (-3.0).
Analysts' average expectations, according to annalistically houses thought of of a turnover of 3.255 billion euros, an adjusted operating profit of € -68.3 million and an operating margin of -2.1 percent.
During the quarter, Nokia shipped a total of 61.9 million mobile phones, against the anticipated 71 million.
By Scancomark.com Team
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