Nokia has released the Q2 2011 interim report and there's a lot of red ink on it.
Here are the highlights (if you can call them that):
- Net sales down 7% year-on-year, down 11% quarter-on-quarter
- Operating profits down 41% year-on-year, down 44% quarter-on-quarter
- Net sales down 20% year-on-year, down 23% quarter-on-quarter
- Smart devices (smartphones) down 32% year-on-year, down 33% quarter-on-quarter
- 16.7 million smartphones sold, down 34% year-on-year, down 31% quarter-on-quarter (this puts Nokia third in terms of sales, behind Apple and Samsung)
- 'Dumb' cellphone sales down 20% year-on-year, down 25% quarter-on-quarter
- Nokia's Devices and Services division operating profits down 43% year-on-year, down 47% quarter-on-quarter
- The only real glimmer of hope in the data was the operating profits for Nokia's NAVTEQ mapping division, up 6% 43% year-on-year, but down 2% quarter-on-quarter and net sales for Nokia Siemens Networks (acquired Motorola Solutions networks assets), up 20% year-on-year, up 15% quarter-on-quarter, with operating profits down 22% year-on-year, but up a whopping 1233% quarter-on-quarter
Nokia CEO Stephen Elop called the results 'disappointing' but added that things were going well with regards to 'initiatives that are most important to [Nokia's] longer term competitiveness' and that 'progress is already evident' which means that he expects Nokia to end the year with more net cash and liquid assets than at the end of Q2 2011.