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Nokia Promises More Cuts After Disappointing Q1

April 19, 2012
Nokia dropped its sales chief and promised to slash more costs, as Chief Executive Stephen Elop battles to reinvent the cellphone maker to compete with smartphone rivals.

The Finnish company, which is expected to be overtaken as the world's biggest handset maker by Samsung Electronics, swung to a net loss of 1.6 billion euros in the first quarter, hit by falling sales and heavy restructuring charges.

Analysts said Elop has until the end of the year to improve sales of new Lumia smartphones - Nokia's main weapon in its fight against Apple



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