Nokia faces loss of 368 million Euros?

Gadget Herald: After being the number one mobile phone brand for years, the Finnish company Nokia has crashed down to the third position after Samsung and Apple. The reason behind it is that the company has suffered a loss of €368 m.

The loss has been reported despite receiving a payment of €430 from Apple in terms of the long running patent dispute. The revenues of the company have fallen by 7%.

Year by year, the revenue of the mobile of the company fell by 20 %, which resulted in a loss of €247m. The number of the sales of the phones had dropped drastically. However, this may also be the results of the growing competition from the other companies like Apple and Samsung, who have already overtaken the company. Neil Mawston, a strategy Analyst said that the company needs to take some quick actions and has to develop some new products in order to maintain its stand in the global market. Mawston added that everything is going wrong with Nokia and now its time for the company to move with lightening speed to update its profile. For almost two decades, the company has dominated the mobile market and also the majority of the smart phone market.