Nokia reports Q2 results: Sells 88.5 million devices and declares net loss of 368 million euros

It’s actually fascinating to watch Nokia unfold before us. Over the past year they brought on a new CEO, Canadian-born Stephen Elop, to run the show. Soon after Elop showed up the layoffs started to refocus the company, a massive announcement was made that shifted their devices to be mainly powered by Microsoft’s Windows Phone platform, and also introduced a slight re-branding effort. In addition, a patent infringement case with Apple was settled that will see Apple pay Nokia on-going royalties.

In the background of all this transition there’s still a business that’s bleeding money. Nokia declared their Q2 results today and racked up a net loss of 368 million euros ($521 million USD), sold 88.5 million handsets 20% less than the same quarter last year. Stephen Elop noted that “The challenges we are facing during our strategic transformation manifested in a greater than expected way in Q2 2011. However, even within the quarter, I believe our actions to mitigate the impact of these challenges have started to have a positive impact on the underlying health of our business.

Nokia is expecting to start shipping their first Windows Phone later this year, but no word on when it will be available in Canada.

Source: Nokia
Via: IntoMobile & Bloomberg