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Nokia lowers quarterly loss via Siemens JV

Finnish telecom firm Nokia Corporation on Thursday reported narrowing of consolidated loss at Euro 278 million (Rs 2,168.91 crore) in the second quarter ended 30 June helped by good performance at Nokia Siemens Networks.

The company, however, continued to see decline in its handset business where revenue dropped by around 32 per cent.Nokia had reported a loss of Euro 1,527 million (Rs 11,912.6 crore) in the same quarter a year ago.

'We benefited from another strong performance at Nokia Siemens Networks, which continued to deliver well against its focused strategy,' Nokia's chief executive officer Stephen Elop said.

The net sales of the company declined by 24 per cent to 5,695 million euro (Rs 44,450 crore) in the reported quarter compared to 7,542 million euro (Rs 58,883 crore) in posted in the same period a year ago.

'Our Mobile Phones volumes in the second quarter 2013 were negatively affected by competitive industry dynamics, including intense smartphone competition at increasingly lower price points and intense competition at the low end of our product portfolio,' Nokia said.
Nokia saw dip in sales of devices. The company's revenue from devices dropped by about one-third to 2,724 million euro (Rs 21,264.41 crore)in second quarter from 4,023 million euro (Rs 31,412.68 crore)it registered last year in same quarter.

Nokia has been pushing on smartphone sales but could hold the volumes sold last year. The company reported drop of 27 per cent in number of mobile devices it sold during second quarter on yearly basis.'Compared to the second quarter 2012, our mobile phones volumes dipped across our portfolio, most notably for our non-full-touch devices which was partially offset by higher sales volumes of Asha full-touch smartphones,' the company said.
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