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Nokia Q2 2012: Loss Soars On Slumping Smartphone Sales

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NOKIAQ2 2012

HELSINKI (AP) — Nokia's net loss more than tripled in the second quarter on sagging sales of smartphones, a market in which the company is struggling to regain ground lost to rivals including Apple and Samsung.

Nokia posted a net loss of €1.41 billion ($1.72 billion), compared with a loss of a €368 million in the same period last year. Overall sales were down 19 percent to €7.54 billion, while smartphone sales dropped 34 percent to €1.54 billion.

The Finnish company was the world's leading mobile phone maker for more than a decade but was overtaken by Samsung in the first quarter according to research firm Gartner.

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