Nokia shares fluctuate on earnings report showing sixth consecutive loss

October 18, 2012

Nokia posted its sixth consecutive quarterly loss Thursday, taking a nearly 6 percent hit in early morning trading. The stock has see-sawed throughout the day and was trading more than 3 percent down for a share price of $2.84 at 1:30 pm.

There’s no question that the report had some bad news. Sales fell 22 percent from the same period last year, while revenue fell 19 percent. Still, company officials said they are upbeat as they look ahead to the launches of its Lumia 8X and 8S Windows phones.

Sales of the Lumia 900 and other Lumia phones have dropped off dramatically, likely because the company announced they would not be eligible for an upgrade to Windows Phone 8.

In a statement, Nokia Chief Executive Officer Stephen Elop acknowledged that it had been a tough quarter but focused on the upcoming smartphone launches.

“[We] continued to manage through a tough transitional quarter for our smart devices business as we shared the exciting innovation ahead with our new line of Lumia products," he said. In guidance for the fourth quarter, Nokia cautioned that it expects a “lower-than-normal benefit” from the holiday season because of this transition.

Nokia is taking a big bet on Microsoft’s new operating system, with plans to release two Lumias aimed at the high and low ends of the smartphone market. Both support inductive charging — meaning they can juice up by being placed on a plate instead of plugged into the wall — and have screens larger than 4 inches.

The Lumia 920 and 820 are coming to AT&T in November, but the carrier has not announced a price for the devices yet.

Related stories:

Nokia’s big bet on Windows Phone doesn’t impress investors

Microsoft, Google eye mobile holiday sales

Nokia announces the Lumia 920, Lumia 820

Hayley Tsukayama covers consumer technology for The Washington Post.
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