Nokia's sales tumble overshadows Lumia pick-up
Published on Apr 18, 2013 7:35 PM
HELSINKI (REUTERS) - A big fall in sales of Nokia's basic phones overshadowed a stronger performance from its Lumia smartphones in the first quarter, and it said it expected operating margins to deteriorate, sending its shares tumbling.
The Finnish mobile phone maker also reported an unexpected fall in sales at its previously upbeat equipment venture Nokia Siemens Networks.
Nokia, which has fallen behind Samsung and Apple in the smartphone race, said it sold 5.6 million units of Lumia handsets in the first quarter, up from 4.4 million in the previous quarter and in line with expectations.
But overall net sales fell 20 per cent to 5.9 billion euros (S$9.5 billion) from a year earlier, while phone volumes tumbled 30 per cent on the previous quarter.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here