The world leader in the manufacture of mobile phones, Nokia of Finland, reported a quarterly net loss which was far worse than expected and reshuffled its global team.
Nokia had issued a profit warning last week, but the net loss of €929 million in the first quarter of the year was far beyond the loss of €554 million broadly expected by analysts polled by Dow JonesNewswires.
Sales fell by 30 per cent on a 12-month comparison to €7.354 billion and this figure was in line with analysts’ expectations. Shortly after the results were announced, the price of shares in Nokia was showing a gain of one per cent in an overall Helsinki market which had advanced by 1.2 per cent.
The company is undergoing a major restructuring, phasing out its Symbian line of smartphones in favour of a partnership with Microsoft that has produced a first line of Lumia smartphones.