Nokia reports first-quarter net loss of 583 million dollars

Finnish telecommunications equipment maker Nokia reported a first-quarter net loss of 513 million euros (583 million dollars) on Tuesday in its first report since acquiring rival Alcatel-Lucent of France in January.

Nokia had reported a net profit of 177 million euros in the first quarter of 2015, when it was a standalone company.

First-quarter combined net sales fell to 5.6 billion euros from 6.1 billion euros a year ago on a comparable combined company basis, amid lower investments by mobile operators, Nokia said.

Although the decline was "disappointing," chief executive Rajeev Suri said it was not "a surprise" and noted the company had cautioned about "market headwinds" in its fourth-quarter report.

Nokia was the world's leading mobile phone maker until smartphones from Apple and companies using Google's Android operating system overtook it.

After it sold its loss-making handset business in 2014 to US software giant Microsoft, the Finnish company has said it would focus on providing broadband infrastructure software and services.

Last update: Tue, 10/05/2016 - 11:49

More from Science & Tech

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European...

Scientists say 2016 was warmest on record, for third consecutive time

Last year was the warmest since recordkeeping began in 1880, US government scientists said Wednesday, making 2016...

SpaceX's Falcon 9 rocket makes first launch since September explosion

An unmanned SpaceX rocket blasted off from a California launch pad on Saturday and delivered 10 satellites into low...

Apple partner Foxconn suffers sales drop amid slow iPhone 7 shipments

Apple manufacturing partner Foxconn Technology Group reported its first-ever annual sales decline late Tuesday, in...

10 years of the iPhone: The smartphone that changed everything

As the late Apple head Steve Jobs appeared on Macworld conference stage on January 9, 2007, attendees were already...