Nokia announces its Q1,2012 results, Sales dropping Down

Nokia just announced their financial results for Q1 of 2012 and things are not looking that good, but CEO Stephen Elop is keeping his chin up. Nokia smartphone division was hit the hardest, but the good news for them is that this is due to the decline in sales of Symbian phones, with the Lumia range starting to make up for it.

Nokia combined net sales were down 29% year-over-year (YoY) to €7.354 billion and the company posted an operating loss of €1.34 billion.

CEO Stephen Elop remains confident in Nokia's strategy, saying that they covered the top and bottom range of the Windows Phone market with the launches of the Lumia 900 and Lumia 610 (which just started rolling out in Asia) and that they will strengthen their S40 portfolio in the next quarter. Nokia is also working on cost-cutting measures.