Nokia Reports Operating Loss on Nokia Siemens Costs
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Nokia Oyj reported a first-quarter operating loss of 1.34 billion euros ($1.8 billion), burdened by costs at the unprofitable equipment venture with Siemens AG. The stock sank to the the lowest price in 15 years.
The loss includes 1.1 billion euros in one-time charges, of which 772 million euros were for Nokia Siemens Networks, Espoo, Finland-based Nokia said today. Revenue fell 29 percent to 7.35 billion euros, the lowest since 2004, as handset sales slumped in emerging markets and margins in smartphones shrank.