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Finnish mobile maker, Nokia had been struggling for a while now and its latest Q4 results shows that the company had fetched a profit of $270 million. The figures are better compared to a loss of $1 billion last year. However, it is seen that the mobile maker's revenue fell by 20 per cent because of its failure to carve a big market in smartphone business.
According to the company, its revenue dropped to $10.6 billion on Thursday, from $10 billion as the smartphone sales fell substantially to 55 per cent from the previous year. Nokia also projected a negative 2 per cent growth and (+/-) 4% points in sales for the first quarter of 2013.
The company said the reason for its low revenue was the poor demand for Lumia smartphones and low cost Asha mobiles. It also cited fierce competition as a reason. A year before in the same quarter Nokia had sold 19.6 million compared to 15.9 million smartphones in the quarter. This also includes 4.4 million Lumia phones. The company has in total sold 45 million mobile phones which is less by 15 per cent compared to 2011.
The company's Chief Executive Officer, Stephen Elop has hinted more cut-backs keeping in view the company's financial positions. He also said the company, for now, is focused on improving its competitiveness in the market, checking its operation strategies and money saving measures. The officer also announced that Nokia Siemens Network has achieved a record profitability this quarter. Profit of the joint venture, soared up to 251 million Euros from a mere 67 million Euros the previous year.