Nokia announced their quarterly earnings this morning, and the numbers were not pretty.
The company saw an operating loss of €969 million ($1.27 billion) for the quarter, on revenue of just €7.2 billion ($9.45 billion).
Even though the company is supported by Microsoft, net cash and cash equivalents fell from €4.2 billion ($5.5 billion) to €3.56 billion ($4.7 billion) in just one quarter, showing the company is burning money fast.
Unfortunately for the company, Lumia sales lagged, with just 2.9 being sold during the quarter, even though the average selling price fell from $244 to $210. For comparison's sake, Apple sold 2 million iPhone 5 in just the first 24 hours of pre-order, and Samsung has sold 20 million Galaxy S III in the last 4 months.
Even worse for investors, the company noted the current quarter would be "challenging...with a lower-than-normal benefit from seasonality in volumes." This means the company does not expect an immediate boost from its upcoming Windows Phone 8-based Lumia 820 and Lumia 920 devices.
Even though the company is supported by Microsoft, net cash and cash equivalents fell from €4.2 billion ($5.5 billion) to €3.56 billion ($4.7 billion) in just one quarter, showing the company is burning money fast.
Unfortunately for the company, Lumia sales lagged, with just 2.9 being sold during the quarter, even though the average selling price fell from $244 to $210. For comparison's sake, Apple sold 2 million iPhone 5 in just the first 24 hours of pre-order, and Samsung has sold 20 million Galaxy S III in the last 4 months.
Even worse for investors, the company noted the current quarter would be "challenging...with a lower-than-normal benefit from seasonality in volumes." This means the company does not expect an immediate boost from its upcoming Windows Phone 8-based Lumia 820 and Lumia 920 devices.
