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Business Companies 04 Aug 2016 Nokia sees Q2 loss o ...

Nokia sees Q2 loss on low demand, integration

AP
Published Aug 4, 2016, 12:51 pm IST
Updated Aug 4, 2016, 12:51 pm IST
Helsinki-based company eyeing savings of 1.2 billion euros in 2018.
Combined net sales of Nokia and Alcatel-Lucent were worth 5.6 billion euros in April to June
 Combined net sales of Nokia and Alcatel-Lucent were worth 5.6 billion euros in April to June

Helsinki: Nokia Corp. has reported a second-quarter net loss of 665 million euros ($738 million) on the back of weak demand for mobile networks and the ongoing integration of acquired competitor Alcatel-Lucent, compared with stand-alone profit of 347 million euros a year earlier.

The Finland-based telecoms equipment maker said Thursday the combined net sales of Nokia and Alcatel-Lucent were 5.6 billion euros in the April to June period, compared with 2.9 billion euros a year earlier when it hadn't yet merged with the French telecom gear maker.

 

CEO Rajeev Suri said the company is now targeting for cost savings of 1.2 billion euros to be achieved in 2018, an upgrade to the earlier announced estimate of combined Nokia and Alcatel-Lucent synergies of 900 million euros.

...




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