Nokia to further cost cuts after Q1 loss

CIOL Bureau
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HELSINKI, FINLAND: Struggling Finnish cellphone maker Nokia promised more substantial cost cuts after reporting a slightly larger-than-expected loss for the first quarter.


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Nokia reported a loss of 0.08 euros per share for the quarter, compared with an average forecast for a loss of 0.07 euros per share, according to analysts' forecasts compiled by Thomson Reuters StarMine.

The company warned last week its phone business would post losses in the first two quarters of this year as sales of its new Microsoft Windows phones fail to compensate for shrinking sales of legacy models.