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.