Nokia Corporation (ADR)(NYSE:NOK) continued to post more losses as the company has been witnessing decreased demand for its mobile phones due to increased competition from its rival Apple Inc.’s (NASDAQ:AAPL) iPhone and Google Inc’s (NASDAQ:GOOG) android phones.
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For the second quarter, the struggling company posted net loss of 1.41 billion euros or 0.38 euros per share, wider from a year ago loss of 368 million euros or 0.10 euros per share.
On a non-IFRS basis, loss attributable to equity holders of the parent for the quarter was $315 million euros or 0.08 euros per share, as against a 239 million euros or 0.06 euros per share profit a year before.
The company has been unable to regain its lost glory in the smartphone market as users are more comfortable with iPhone and other smartphone. Apple’s iPhone has gained more demand due to its user friendly and regular updates supported by several Apps, which provides add on to its users.
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Not only Nokia, other companies Samsung and Research In Motion Limited (USA)(NASDAQ:RIMM) have been struggling as well and shares of those companies have been trading at multi year low, while shares of AAPL have been trading near to its life time high and has become the world’s largest company.
Shares of NOK have slipped a decade low of $1.63 in the previous trading session. However, in the pre-market session, the stock is trading higher by 8% to $1.87.
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Let’s have a look at the performance of mobile companies shares so far this year :-