Nokia Loss Widens on Falling Smartphone Sales

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By Trey Thoelcke Published
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Nokia (NYSE: NOK) reported this morning that its net loss more than tripled in the second quarter, dragged down by sagging sales of smartphones, a market in which the company has been losing ground to rivals such as Apple (NASDAQ: AAPL) and Samsung.

The Finland-based mobile-phone maker said its second-quarter net loss widened to 1.41 billion euros ($1.73 billion) from 368 million euros ($452 million). Revenue fell 19 percent to 7.54 billion euros ($9.27 billion). While the top line exceeded consensus estimates, the bottom line fell well short of the 641.1 million euros ($787.7 million) loss expected.

Sales of basic handsets increased by 2.4 percent to 73.5 million units, but total smartphone sales fell 39 percent to 10.2 million units, Nokia said. Sales of the Lumia product increased to 4 million units in the second quarter.

“Nokia is taking action to manage through this transition period,” said Nokia’s chief executive, Stephen Elop, in a statement.

Nokia was the world’s leading mobile phone maker for more than a decade but fell behind Samsung in the first quarter, according to research firm Gartner.

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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