Nokia has suffered a large loss in its latest financial results, with the company’s operating profit dropping by €950 million in the fourth quarter of 2011.
That’s a complete reversal of the situation in 2010, when the firm posted a profit of almost €900 million. Revenue dropped 21% year-on-year, from €12.6 billion to €10 billion.
However, Nokia was keen to point to net cash and other liquid assets of €5.6 billion, and also a “solid” fourth quarter performance in mobile phones, driven by the launch of its new Windows Phone handsets led by the Lumia 800.
The Finnish company said that it had sold “well over” a million Lumia devices so far, and will be continuing to invest in building its WP7 fortunes. However, net smartphone sales were down 27%, so hardly buoyed by the launch of the Lumia yet. Windows Phone has yet to make any real impact on analysts’ market share figures.
CEO Stephen Elop commented: “From this beachhead of more than 1 million Lumia devices, you will see us push forward with the sales, marketing and successive product introductions necessary to be successful. We also plan to bring the Lumia series to additional markets including China and Latin America in the first half of 2012.”
“And, while we progressed in the right direction in 2011, we still have a tremendous amount to accomplish in 2012, and thus, it is my assessment that we are in the heart of our transition.”