Nokia Reveals Unexpectedly Big Loss, but Share Rises
The world leader in the manufacture of mobile phones, Nokia of Finland, reported a quarterly net loss which was far worse than expected on Thursday.
Nokia had issued a profit warning last week, but the net loss of 929 million euros ($1.2 billion) in the first quarter of the year was far beyond the loss of 554 million euros broadly expected by analysts polled by Dow Jones Newswires.
Sales fell by 30 percent on a 12-month comparison to 7.354 billion euros, 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 1.0 percent in an overall Helsinki market which had advanced by 1.7 percent.