Nokia Announces $1 Billion Operating Loss in Q2, Sells 4 Million Lumia Phones

Nokia has posted its quarter two earnings today, which show an operating loss of $1 billion this quarter, which is shockingly down from the $1.7 billion loss posted last quarter. The company also noted that net sales were down five percent quarter over quarter and that sales of its Lumia smartphones increased to four million units. Nokia sold 73 million mobile phones total during the quarter, which is an increase over last quarter.

“Nokia is taking action to manage through this transition period. While Q2 was a difficult quarter, Nokia employees are demonstrating their determination to strengthen our competitiveness, improve our operating model and carefully manage our financial resources. We shipped four million Lumia Smartphones in Q2, and we plan to provide updates to current Lumia products over time, well beyond the launch of Windows Phone 8,” Nokia CEO Stephen Elop said in a statement. “We believe the Windows Phone 8 launch will be an important catalyst for Lumia. During the quarter, we demonstrated stability in our feature phone business, and enhanced our competitiveness with the introduction of our first full touch Asha devices.”