Tuesday 20 March 2018

Nokia hit by smartphone slump as rivals like Apple and Samsung gain ground

NOKIA’S net loss more than tripled in the second quarter on sagging sales of smartphones, a market in which the company is struggling to regain ground lost to rivals including Apple and Samsung.

Nokia posted a net loss of €1.41bn, compared with a loss of a €368m in the same period last year.

Overall sales were down 19pc to €7.54bn, while smartphone sales dropped 34pc to €1.54bn.

The Finnish company was the world's leading mobile phone maker for more than a decade but was overtaken by Samsung in the first quarter according to research firm Gartner.

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