Second Quarter, Nokia Loss Profit

Nokia has post negative result about second quarter of this year, a loss of €368 Million and 32% Drop in Smartphone Sales.The company, which had posted profits of Euro 227 million in the same quarter a year ago, informed that the sales fell by 7 percent to Euro 9.3 billion. Nokia had already predicted a poor second quarter due to a drop in sale. The loss of sale is due to Android and Apple popularity and now they join force with Microsoft to make up the loss, 

“The challenges we are facing during our strategic transformation manifested in a greater than expected way in Q2 2011m,” Nokia CEO Stephen Elop said in a statement.

“However, even within the quarter, I believe our actions to mitigate the impact of these challenges have started to have a positive impact on the underlying health of our business. Most importantly, we are making better-than-expected progress toward our strategic goals,” he added.

Despite the poor quarter, Nokia maintained that its smartphone and mobile phone divisions were moving ahead as planned.