Nokia Posts Third-Quarter Loss of €559 Million

Bloomberg:

Nokia Oyj, the world’s biggest maker of mobile phones, had its first net loss since the company began reporting quarterly in 1996, hurt by costs related to a joint venture with Siemens AG and weaker demand.

The net loss totaled 559 million euros ($834 million), after a profit of 1.09 billion euros a year earlier. Sales declined 20 percent to 9.8 billion euros, missing the average estimate of 10.03 billion euros in a Bloomberg analyst survey. Analysts had anticipated a profit of 367 million euros.

Uh-oh.

★ Thursday, 15 October 2009