The Finnish mobile company Nokia Corporation (NYSE:NOK) (BIT:NOK1V) has announced in a press release that it will publish its second qurater earnings roundup on 19th July of this month. The report will be publicly available on Nokia’s website in the form of a press release and streamed as a live webcast of the Nokia’s Analysts conference call.
When the previous quarter’s earnings were announced in April, it was noted that the performance in Q2 2012 will be similar to Q1 which means that the company will again report a loss. We also reported that sales of Nokia will continue to decline for the next two quarters, along with HTC and RIM.
Nokia Corporation (NYSE:NOK) (BIT:NOK1V) has seen a tough series of years now. First quarter earnings of the company did not look good with the net sales down from $13.6 billion in Q1 of 2011 to $9.7 billion for the first quarter of 2012. As the sales were down 30 percent on a year-on-year basis, the net loss suffered by the company was equal to $1.7 billion. Nokia did have some good news, selling 2 million Lumia phones (average price €220/unit) in first quarter of 2011.
However, Nokia lost large revenue in the restructuring of its Nokia Siemens Network, Devices & Services department and Location & Commerce departments. Nokia Corporation (NYSE:NOK) (BIT:NOK1V) has also laid off a major chunk of its employees, and has re-located some of its production factories to Asia. The Finnish company that once used to rule the market of cell phones, had to lay off more than 9000 employees in the period of April 2011 till March of this year.
Nokia Corporation (NYSE:NOK) (BIT:NOK1V) CEO Stephen Elop has admitted to many lapses in judgement and phases of inaction by the company. He said that there are areas in which Nokia is not pitching any major competition, like the touchscreen feature phones. He also remarked that the cheaply priced Android phones were not anticipated in the market plan of the company. Nokia has been struggling for a while now and it is trying very hard to stay afloat. The company is banking on the release of Windows 8 phones, which in itself is a serious risk that Nokia undertook.
July 19th good determine the future of the troubled Finnish company.