Nokia unveils Q1 results: phone division sales take a hit

Nokia posted an operating profit of €304 million (11.4% of net sales) in the first quarter of this year, up from €254 million (8.1% of net sales) for the same quarter.

This will be the last but one quarter with the phone division on Nokia's books – it spent the month of April with the Finns, but as of a few days ago it's part of Microsoft. This may be sad news for fans, but financially it's good news for Nokia.

The phone division (now labeled "discontinued operations"), brought in €1.93 billion with an operating loss of €326 million. That's a decline in sales from €2.77 billion, but an increase in loss from €120 million.

Nokia's Continuing operations totaled €2.67 billion with an operating profit of €242 million. Most of the cash came from Nokia Networks - €2.33 billion (17% down from €2.8 billion in the year ago quarter).

HERE brought in €209 million in revenue (down from €216 million a year ago) with an operating profit of €10 million. Technologies raked in €131 million with an operating profit of €86 million (at a high operating margin of 65.6%).

The sale of Nokia's Devices & services division closed at a price of €5.44 billion, €170 million higher than the initial price. The Indian plant whose fate was uncertain will remain with Nokia. Nokia will produce phones for Microsoft there.

Nokia's cash and other liquid assets declined €2.3 billion over the past year, largely due to debt facilities of €1.8 billion in Q1 this year. If Nokia had sold its Devices & services division prior to Q1, gross cash would have totaled €10.5 billion, rather than the €6.9 billion it is now.

Also, Nokia is welcoming a new President and CEO - Rajeev Suri.

Hit the source link for more detailed numbers.


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