By Allen Tsai | Thu Oct 15, 2009 9:30 am |
Nokia, the world's top handset maker, reported its first loss in a decade amid rising competition in the smartphone market.
The Espoo, Finland-based company said its smartphones market share plummeted to 35 percent from 41 percent in the previous quarter -- a drop that was worse than expected.It also reported a loss of $832 million in the third quarter, as sales fell nearly 20 percent. "Our volumes and net sales were, however, somewhat constrained by component shortages we encountered across the portfolio," said Olli-Pekka Kallasvuo, Nokia's chief executive. For the past year, Nokia has been hit hard by a global recession that has made many consumers trade down to cheaper phones. At the same time, competition in the smartphones industry has become increasingly tougher with many consumers opting for Apple's iPhone or RIM's BlackBerry over Nokia devices. "I think that consumers will again begin to realize that mobile phones are a necessity and that they need to buy new ones and replace their old models," said Kallasvuo. "I expect the fourth quarter to be the best quarter of the year in terms of net sales, volumes and margins." The company hopes to reverse trends in the fourth quarter as it rolls out a new netbook and handsets that boast more music features and mesh better with Facebook, including the Linux-software based N900.
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Thu Jan 26, 2012 2:39 pm | By
Nokia's recent loss in profits highlights the company's difficult transition, as it shifts towards Windows phones and gears up for big changes in this year.
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Thu Jan 26, 2012 11:14 am | By
Nokia's Windows Phone-powered Lumia 900 will sell for $100 when it launches at AT&T later this year, according to reports, in a move that will raise the profiles of the maker and the OS.
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Tue Jan 24, 2012 11:30 am | By
Nokia shipped more than one million Lumia handsets last year, analysts estimate, signaling early success for the company's critical Microsoft partnership.
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Thu Jan 12, 2012 1:02 pm | By
Analysts predict a surge of sales for the Windows Phone platform, as Nokia and Microsoft head into the smartphone market in 2012 with updated hardware and plans for heavy promotion.
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