Bad times continue for Nokia as it announced its second net loss in a row -- an impact triggered by a 25 percent decline in sales during the fiscal year.
Nokia, which happens to be the largest handset manufacturer in the world in terms of volume, posted a net loss of approximately €68 million for the third quarter after net sales dropped by 13 percent to €8.98 billion.
The operating margin for the company’s primary handset production unit also underwent a steady decline -- by almost 2.4 percent during the July to September quarter.
Stephen Elop, chief executive of the company, has stated that despite such a gloomy state-of-affairs plaguing the company, Nokia’s inventory situation, as well as sales execution has improved to some extent.The company also disclosed that the average handset selling price, as of now, is €51, which is considerably lower than where it was a year back at €65.
The company has revealed that it suffered from a net loss of €71 million, much more than what it had to withstand a year back with €403 million last time.