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Nokia Posts $1.2 Billion Loss as Smartphone Sales Plummet (NOK)

By Dividend.com,  April 19, 2012, 09:21:17 AM EDT

Embattled mobile phone maker Nokia Corporation ( NOK ) on Thursday posted a massive first quarter loss, hurt by sharply lower sales amid much tougher market competition.

The Finnish company posted a first quarter net loss of 929 million euros, or -$1.2 billion, compared with a profit of 344 million euro in the year-ago period. Revenue plunged 30% from last year to 7.4 billion euro.

NOK noted that smartphone sales plunged 50% from last year to just 12 million, down from 24 million in the same quarter last year. The company also warned that second quarter margins would be "similar to or below the first quarter 2012 level of negative 3 percent.".

Nokia shares fell 12 cents, or -3%, in premarket trading Thursday.

The Bottom Line
Shares of Nokia ( NOK ) have a 6.55% dividend yield, based on last night's closing stock price of $3.97. The stock is trading near all-time lows. If the shares can firm up, we see overhead resistance around the $5 price level.

Nokia Corporation ( NOK ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: NOK



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