Nokia, the undisputed king of mobile just a few years ago, has posted a $1.7 billion loss for the quarter.
Some of it was restructuring costs, but a lot of it was the ever-increasing competition (meaning Apple and Samsung, basically the only two phone makers actually making money).
Nokia expects these types of losses to continue into next quarter as well.
Even more troubling is CEO Stephen Elop, the ex-Microsoft executive who has tied his company’s fate to Windows Phone, talking about the Lumia, the first true flagship phone of the partnership:
We have launched four Lumia devices 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.
Did you catch the nut behind the sugar-coating? “The actual sales results have been mixed.”