Nokia Q2 2011 results: profit declines, only 16.7 million smartphones sold
As you probably already know, Nokia is currently passing through very hard times, thanks to the transition from Symbian to Windows Phone. It’s probably the sh***iest period it’s been through since Nokia was founded. And its Q2 2011 financial results (announced earlier today) come to further paint a bleak picture for the Finnish giant.
Nokia has sold a total of 88.5 million mobile devices in Q2, 20% less than in Q2 2010, and %18 less than in Q1 2011. Sales plummeted in Europe, Asia Pacific, Middle East & Africa, and especially in Greater China (where only 11.3 million devices have been sold – compared to 23.9 million units in the previous quarter). Interestingly, sales grew in North America (25%) and Latin America (17%).
Unsurprisingly, smartphone sales haven’t been great, either: 16.7 million units were shipped in Q2 – 31% less than in Q1 2011, and 34% less than in Q2 2010.
Overall, Nokia reported net sales of 9,275 million Euros (-11% QoQ), and operating profit of 391 million Euros (-44% QoQ).
Stephen Elop, Nokia’s CEO, declared that the “Q2 results were clearly disappointing.” However, looking forward to the future Nokia has with Microsoft’s mobile OS, Elop said: “those who already have viewed our early Windows Phone work are very optimistic about the devices Nokia will bring to market and about the long-term opportunities.” Sure enough, that Nokia Sea Ray – supposedly the company’s first WP handset – does seem to have great potential. But its success will obviously depend on its price, and on the marketing campaign Nokia and Microsoft will set up for it (I’m quite sure the two giants will spend lots of money to market their products).
More info on Nokia’s Q2 results is available here.