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Microsoft-bound Nokia business sees sales slide

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Posted January 24, 2014
Nokia sees smartphone sales, profits plunge in Q4 (Update)
In this Monday, Feb. 25, 2013 file photo, Stephen Elop, chief executive officer of Nokia, speaks during a conference at the Mobile World Congress, the world’s largest mobile phone trade show, in Barcelona, Spain. Nokia reports quarterly earnings on Thursday, Jan. 23, 2014. (AP Photo/Manu Fernandez, File)
The Nokia handsets business that Microsoft is due to take over saw sales continue to slide in the fourth quarter as its Lumia smartphones failed to draw business away from larger competitors like Apple and Samsung.

Shares in Nokia Corp. slumped Thursday after the company said it suffered a net loss of 25 million euros ($34 million) in the October to December period, with smartphone sales plunging 29 percent.

Nokia stock closed down more than 10 percent at 5.11 euros in Helsinki.

The devices and services unit, which will be transferred to Microsoft Corp., saw sales fall to 2.6 billion euros from 3.7 billion euros a year earlier. The unit recorded an operating loss of 198 million euros compared with a profit of 97 million a year earlier.

Nokia sold 30 million Lumia handsets in the full-year 2013, about twice as many as in 2012. It also unveiled several Lumia models, including its first large screen smartphones and its first tablet, the Lumia 2520.

But it failed to pose a challenge to the leaders in the lucrative smartphone sector, Apple Inc. and Samsung Electronics.

Read more at: Phys.org

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