Nokia reports overall loss

Only the other day did Apple release information around its sales figures which indicated soaring profits and sales. Just to give you a brief indication of the soaring profits, Apple’s net income was round £4.6billion in the first quarter of this year.
Now another phone-maker, Nokia, reports loss, yes, that is a loss, a loss of around £324million. This means that the Nokia phone maker is now overtaken by Samsung and Apple as Nokia fails to make much of a presence in the smartphone sector.
Even though Nokia made a loss they did receive a one-off payment by Apple of £380million in order to settle a running dispute over numerous patents. Overall revenues fell by 7% to £8.2billion.
Nokia’s mobile phone revenue made a loss of £217million as the number of phones sold dropped to a mere 88million. Nokia’s existing Symbian smartphone business, which Nokia have decided to phase out in favour of phones using Microsoft Windows Phone later on this year, fell to just a mere 16.7million.
Samsung are set to release quarterly earnings sometime next week and are expected to show that it took the lead in the smartphone market beating Nokia to the title.
Nokia were once the dominant force for almost two decades and for numerous years had the majority of the valuable smartphone market. Yet, the release and introduction of the iPhone in 2007, followed by the arrival of Google’s free Android operating system in 2008, has certainly eroded away at Nokia’s profits.