Nokia's interm report for Q1 2014: handset sales are down 30%

Nokia's interm report for Q1 2014: handset sales are down 30%

Nokia has been front and center in technology news as of late. Microsoft recently completed its acquisition of Nokia, now owning Nokia's devices and services unit. Nokia has also announced its new CEO - Rajeev Suri - now that Stephen Elop is back at Microsoft. Nokia has unveiled its interm report for Q1 2014, and the results don't look too good.

Nokia has posted a year-on-year decline in handset sales by 30%! "On both a year-on-year and sequential basis, our Mobile Phones net sales were affected by competitive industry dynamics, including intense smartphone competition at increasingly lower price points and intense competition at the low end of our product portfolio. Our Smart Devices net sales were affected by competitive industry dynamics including the strong momentum of competing smartphone platforms," Nokia stated in the report.

In other words, "competitive industry dynamics" is another way of saying that both Nokia and Microsoft had a very rough time making a dent in a market dominated by Android and iOS. Nokia also revealed an operating loss of $452 million.

Nokia's patent licensing business pulled in roughly $119 million in profit in the last three months, while HERE maps brought in $13.8 million, so it's not all doom and gloom for the company. Nokia plans on becoming a research and mapping giant in an attempt to take on Google's location-based data. We'll just have to wait and see on how this will turn out.

You can hit the VIA link below to see the entire report.