nokia

Just a brutal few quarters for Nokia.

Over the past five quarters, the onetime darling of mobile telecoms has eroded its cash pile by 2.1 billion euros ($2.7 billion) – a rate that would wipe out its entire 4.9 billion euros reserves in a couple years.

Truly amazing how far they have fallen.

The complaint alleges that during the Class Period, defendants told investors that Nokia’s conversion to a Windows platform would halt its deteriorating position in the smartphone market. It did not,” the lawsuit states. “This became apparent on April 11, 2012, when Nokia disclosed that its first quarter performance would be worse than expected. Nokia expected its first quarter 2012 non-IFRS Devices & Services operating margin to fall by 3%, and projected first quarter 2012 Devices & Services net sales of €4.2 billion.

It’s a good thing RIM owners never thought of this.

Jean-Louis Gassée:

Nokia’s results for Q1 2012 are in: They’re not good.

Compared to the same quarter last year, Nokia overall revenue is down 29%, to $9.7B. And the company is now losing money, $1.8B, 18.5% of revenue.

AppleInsider:

The Finnish handset maker had previously told investors it expected to break even on device sales during the quarter, but its operating margins proved to be around negative 3 percent. Nokia now expects its second quarter of 2012 to be similar to or below the first quarter.