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January 24, 2014

Nokia reports 21% decline in Q4 sales revenue

The company had failed to respond to the fast shift to market of smartphones.

By CBR Staff Writer

Nokia has reported a 21% year-over-year (y-o-y) decrease in the net sales to €3.4bn during the fourth quarter of 2013 compared to the same period previous year.

The decrease is said to be a result of the lower sales of both smartphones and basic mobile phones, while the company had also failed to respond to the fast shift to smartphone platforms from its Symbian-based products.

The company’s Nokia Solutions & Networks unit has reported a 22% y-o-y decrease in revenue to €3.1bn for the quarter, representing 90% of the company’s total revenue.

For the complete 2013, the company has experienced a 17% fall in sales revenue to €12.7bn compared to the last year.

Nokia Chairman and interim CEO Risto Siilasmaa said the fourth quarter of 2013 was a watershed moment in Nokia’s history.

"I am pleased with the progress we have made thus far in our strategy evaluation and excited by the opportunities ahead for each of our three continuing businesses: NSN, HERE and Advanced Technologies," Siilasmaa added.

In November 2013, the company had announced sale of its phones business to Microsoft for about $7.2bn.

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