Nokia reports 766 million euro loss in 2016
The firm recorded a net loss of 766 million euros ($82 million) last year, which chief executive Rajeev Sur described in a statement as a "year of transition."
The firm recorded a net loss of 766 million euros ($82 million) last year, which chief executive Rajeev Sur described in a statement as a “year of transition.”
Suri admitted he was “disappointed” with the 2016 result but said he expected a better financial performance this year “as market conditions improve.” “We remain in a position of financial strength,” said th chief executive. Nokia has been going through a process of radical transformation over the last few years.
In 2013, it bought 50 percent of its network activities from Germany’s Siemens, and the following year it divested from its previously world-leading mobile phone business.It sold its mapping unit Here in 2015 as well a completing the deal late last year to buy Alcatel-Lucent which had only recorded one year of annual profit since it inception in 2006.
Nokia was the world’s top mobile phone maker between 1999 and 2011 but was overtaken by South Korean rival Samsung after failing to respond to the rapid rise of smartphones.
HMD Global, the Finnish group that has the rights to make Nokia branded phones is getting read to launch new devices at MWC 2017 in Barcelona. The company has already sent out media invites for an event on February 27, where it is expected to unveil a few more Android devices.One of the most anticipated device from the company -the Nokia P1 might be making its debut at the event.
Nokia made a comeback in the smartphone space with Nokia 6 smartphone that was launched in China in January. The first flash sale of Nokia 6 saw the phone going out of stock within 60 seconds. It reached close to 1.4 million registrations ahead of its second flash sale on JD.com.
We’ll have to wait and see what Nokia reveals at MWC 2017, and whether P1 flagship will indeed be making its appearance at the event.
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