Nokia Posts $523 Million Loss

For the first time ever, the phone company Nokia Corp., announced losses of € 368 million ($ 523 million) in sales of smart phones in the second quarter, surpassed by the Apple iPhone.

The company said its revenues fell 7% to € 9,300 million, with € 10,000 million last year. During this time, Nokia has shipped 88.5 million phones in contrast to the same period in 2010 where 111 million office and 108.5 the previous quarter, while in smart phones, the volume dropped to 16.7 million units down to the company’s first in the sector.

Therefore, Nokia has announced new cost-cutting measures to overcome the previous target of saving 1,000 million euros in 2013, by cutting the workforce and the hiring of professionals outside the company, reduced costs facilities and “several improvements in efficiency.”