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Nokia loses USD1.4bn despite launch of Windows Phone devices
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Nokia slumped to a EUR1.07bn (USD1.4bn) loss in Q4, down from a profit of EUR745m (USD908m) in the same period a year ago as it struggles to compete with rivals such as Apple and Samsung in the smartphone space. Revenues fell 21% to EUR10bn (USD13bn), with the firm’s profit margin dropping dramatically as the company was forced to cut the price of its mobile phones at both the high- and low-end of the handset market. Operating margin at Nokia’s devices and services division slipped from 12.7% in Q4 2010 to 3.4% in the last quarter, while its operating profits fell 81% year on year to EUR203m (USD267m).
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