Nokia (NOK) Files Annual Report, Swings to $1.4B Operating Loss
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Nokia (NYSE: NOK) shares are lower out of the gate Thursday following the filing of its annual report with the U.S. SEC.
According to the filing, smartphone shipments in 2011 fell 25 percent to 77.3 million units. Feature phone shipments saw just a 3 percent decline to 339.8 million units. Average selling price dropped 11 percent from $85 per unit last year to $75 in 2011.
Overall, Nokia swung from $2.74 billion of operating profit in 2010 to a loss of $1.4 billion for 2011.
In terms of employment, Nokia cut 2,377 positions to 130,050 global employees by the end of 2011.
Though Nokia said it will focus more on Microsoft (Nasdaq: MSFT) Windows Phone devices, it will still continue to push Symbian devices in select markets.
Nokia shares are down 0.2 percent early Thursday.
According to the filing, smartphone shipments in 2011 fell 25 percent to 77.3 million units. Feature phone shipments saw just a 3 percent decline to 339.8 million units. Average selling price dropped 11 percent from $85 per unit last year to $75 in 2011.
Overall, Nokia swung from $2.74 billion of operating profit in 2010 to a loss of $1.4 billion for 2011.
In terms of employment, Nokia cut 2,377 positions to 130,050 global employees by the end of 2011.
Though Nokia said it will focus more on Microsoft (Nasdaq: MSFT) Windows Phone devices, it will still continue to push Symbian devices in select markets.
Nokia shares are down 0.2 percent early Thursday.
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