Nokia (NOK) Swings to Q1 Loss of EUR 0.08 Per Share; Revs Fall 29%

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Nokia (NYSE: NOK) reports first-quarter 2012 loss of €0.08 per share, from profit of €0.09 per share reported in the same period last year. Revenue fell 29 percent from €10.399 billion to €7.354 billion.

Nokia expects its non-IFRS Devices & Services operating margin in the second quarter 2012 to be similar to or below the first quarter 2012 level of negative 3.0%.

Nokia continues to target to reduce Devices & Services non-IFRS operating expenses by more than EUR 1 billion for the full year 2013, compared to the full year 2010 Devices & Services non-IFRS operating expenses of EUR 5.35 billion. Nokia plans to accelerate and substantially deepen Devices & Services cost savings, consistent with its strategic focus. Nokia will share further details as quickly as possible.

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