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Nokia troubles escalate further: Euro 220 million write-off on smartphones unsold | India Gadgets News

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Home » Mobile Phones/Cameras » Nokia troubles escalate further: Euro 220 million write-off on smartphones unsold

Nokia troubles escalate further: Euro 220 million write-off on smartphones unsold

Troubles for Finnish multinational communications giant Nokia seem to be escalating further. Dipping sales of smartphones in various countries have been a major concern for Nokia that once dominated the cell phone market. With several companies entering mobile and communications business, Nokia is feeling the pinch.

Nokia’s main division has reported further losses for the second quarter of 2012.The write-off announced on unsold stock of its smartphones amounted to Euro 220 million (approx 170 million Pounds). The write-off indicates Nokia has had slow and sluggish sales in many countries. Nokia had made a hard effort to regain its lost ground in US with its line of Lumia smartphones but were unsuccessful.

Lumia smartphones running on Microsoft Windows software were expected to bring in a chunk of revenue from sales, but sadly for Nokia, Lumia sales have been disappointing in Europe and US. However, several countries have reported excellent sales for Lumia series smartphones. Chief Executive Nokia said” Nokia is taking action to manage through this transition period. While this was a difficult quarter, Nokia employees are demonstrating their determination to strengthen our competitiveness, improve our operating model and carefully manage our financial resources.

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