Nokia said its sales dropped 29% year-on-year in the first quarter of 2012 to 7.35 billion euros, hit by a 38% (at constant currencies) fall in sales in its devices and services division, compounded by a 9% decline in sales in its Nokia Siemens Networks business.
Stephen Elop, Nokia CEO, said: “Over the last year we have made progress on our new strategy, but we have faced greater than expected competitive challenges. We have launched four Lumia devices (which run the Windows Phone operating system) ahead of schedule to encouraging awards and popular acclaim. The actual sales results have been mixed. We exceeded expectations in markets including the United States, but establishing momentum in certain markets including the UK has been more challenging.
"At the same time, the lower price tiers of our industry are undergoing a structural change, and traditional feature phones are challenged by full touch devices. As a result we are taking deliberate measures to continue to renew our Series 40 platform, and we plan to strengthen our line-up in Q2 2012. We are making investments in our Mobile Phones business unit aimed at addressing the gaps in our offering." source: Nokia statement
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