Nokia reports a loss

DESPITE selling over one million Lumia handsets since mid-November, Nokia has struggled to scratch the surface of the Apple dominated smartphone market.

Fourth quarter operating earnings at the Finnish telecoms group swung to a loss of €954m as Nokia’s $250m partnership with Microsoft failed to make waves.

The Christmas quarter brought in €10bn from net sales, a 21 per cent drop on last year’s €12.7bn but a slight improvement on 2011’s third quarter.

Overall, revenue for the year amounted to €38.7bn, a nine per cent decline on 2010.

However, 19.6m smartphones were shipped in the quarter, overstepping analysts’ estimates despite weighing in at two thirds of 2010’s fourth quarter sales of 28.6m.

Nokia shares jumped to a high of €4.30 before closing three per cent up at €4.16.