Nokia has published an interim report on its Q2 2012 financial results, posting an operating net loss of €826 million (which is better than the €1.3 billion loss announced in the previous quarter). Despite the loss, Nokia still has sufficient cash reserves: €4.2 billion.
The Finnish company sold 10.2 million smartphones in Q2 (down from 11.9 million last quarter), and 4 million of them were Lumia Windows Phones. That’s double than the number of Lumias shipped in Q1 (2 million).
Non-smartphone handset sales reached 73.5 million units in Q2, up from 70.8 million in Q1. Overall, Nokia sold 83.7 million mobile devices in the quarter around the world. In North America, only 600,000 Nokia mobile devices were sold – most of them being Lumia 900 (currently available on AT&T for just $49.99 on contract) and Lumia 710 smartphones.
Stephen Elop, Nokia’s CEO, declared:
“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. We believe the Windows Phone 8 launch will be an important catalyst for Lumia.”
Nokia warns that the third quarter of 2012 “will remain difficult”, but it hopes to “return our Devices & Services business to positive operating cash flow as quickly as possible.” Cutting 10,000 jobs and selling Vertu will likely help.
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