Nokia Loss Widens as Smartphone Sales Slump
Embattled Finnish mobile handset maker Nokia Corp. extended its heavy losses Thursday as shipments of its new line of Lumia brand phones failed to make up for slumping sales of its older models against a backdrop of intensifying competition from the likes of Apple Inc. and Samsung Electronics.
Nokia’s net loss for the three months to June 30 was €1.41 billion from €368 million a year earlier, against analysts’ expectations for a €654 million loss. The company’s reserves of cash fell to €4.20 billion compared with €4.87 billion in the previous quarter.
