Reuters: Technology News: Nokia holds more cash than feared despite big loss

Reuters: Technology News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Nokia holds more cash than feared despite big loss Jul 19th 2012, 10:55 Tweet Share this Email Print Related News Instant View: Nokia holds more cash than feared, posts steep loss 6:55am EDT Analysis & Opinion First wave of U.S. living wills has limitations, but offers useful start Will Microsoft learn through self-flagellation? Nokia employees arrive for a personnel briefing in Oulu, June 14, 2012. Credit: Reuters/Markku Ruottinen/Lehtikuva HELSINKI | Thu Jul 19, 2012 6:55am EDT HELSINKI (Reuters) - Nokia made a slightly smaller loss than expected and ended the second quarter with more cash than investors feared, despite losing market share to Apple and Samsung Electronics. Nokia shares, which have lost around 80 percent since February 2011 when the company decided to drop its own smartphone software in favor of the largely untried Windows operating system, were up 10 percent after the results. Nokia reported an adjusted loss per share of 8 euro cents, compared with the market's average forecast of 9 euro cents, and held net cash of 4.2 billion euros ($5.2 billion), compared with the market's estimate of 3.7 billion. "After a seemingly endless run of bad news, these results offer a glimmer of hope for Nokia," said Ovum analyst Nick Dillon. In the three months to June, all three major credit ratings agencies cut Nokia bonds to "junk", while the company warned twice on profits and said it planned to cut one in five jobs. Once the world's dominant mobile phone maker, Nokia was late to embrace smartphones and has lost out to Apple and Samsung in the most profitable part of the market. It's fighting back with its new Lumia range phones running Microsoft software, but they have had relatively little success among consumers, who are choosing Apple's iPhones and phones running Google's Android software instead. Nokia sold 4 million Windows phones in the second quarter - roughly doubling from the first quarter - but still only a fraction of Apple's expected sales of 30 million iPhones or Samsung's 50 million smartphones. ($1 = 0.8154 euros) (Reporting by Tarmo Virki; Editing by Will Waterman) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions