Nokia sees smartphone sales, profits plunge in Q4

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Associated Press

Posted on January 23, 2014 at 9:06 AM

HELSINKI (AP) — Nokia Corp. has reported a fourth-quarter net loss of 25 million euros ($34 million) as the struggling company saw sales smartphone sales plunge 29 percent.

Nokia says that the devices and services unit, which it is selling to Microsoft Corp., saw sales fall to 2.6 billion euros in the quarter, down from 3.7 billion a year earlier. It recorded an operating loss of 191 million euros compared with an operating profit of 97 million a year earlier.

Continuing operations, including its networks unit, saw sales slump by more than 20 percent in the quarter compared with a year earlier.

Nokia's share price was down 4 percent at 5.50 euros on the Helsinki Stock Exchange in early afternoon trading.

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