If Nokia Corporation (ADR)(NYSE:NOK) thought that replacing its Symbian software with Microsoft’s operating software on its smartphones would get its sales up, it has not happened as of yet. This is the sixth time that Nokia is incurring huge amounts of losses. The company has been saying that the phones operating by the Windows software needs time to catch up, and therefore, the transition will be slow and painful. The losses incurred by the company in the third quarter this year has amounted to 969 million Euros, which is $1.27 billion. A year ago, during the same quarter, the loss had amounted to 68 million Euros.
The losses beat the predictions as the analysts had predicted the losses to amount to not more than 657 million Euros. Bloomberg compiled this average of rough estimates. Nokia said that the last couple of months of the year are expected to be slightly badly off, since the transitions are being made, and the new models are being introduced.
Once one of the best companies in the market, with the largest amount of market share, the rapid groath of technology and brand building left Nokia behind, and brought to the forefront, devices created by the likes of Apple, and operating systems such as the Android. The company tried to increase its sales by introducing the Windows software, but with not much luck. The phones run on the Microsoft software have about 2.7 percent of the wide market shares, while the Apple devices, as well as Android-run devices take up about 83 percent of the space, together.
According to predictions, the company was supposed to sell about 6.84 million copies of the various smartphones, as well as about 74.6 million of the basic phones. However, while the company sold only 6.3 million smartphones, it did manage to exceed the predictions for the basic phones, by managing to sell about 76.6 million of them. The three months for these sales came to an end of the 30th of September. Stocks have gone down by almost 42 percent this year, and they need to buckle up and try to really make it work, to gain back market shares like they used to have.