Deathwatch: Nokia still heading towards the brink
The beleaguered gadget maker has just announced its latest quarterly set of financials and there’s a nasty-looking total operating loss of $754 million there, as well as a drop in its net cash from $6.6 billion last year to $5.5 billion. Another similar half-year and that $5.5 billion will become a very worrying $4 billion. Fast forward a further year and it’ll be a solitary billion – and then what?
Throw in the fact that the Lumia series of phones are underselling and that the ones that won’t be upgradeable to Windows Phone 8 are basically toxic handsets and it’s looking incredibly shaky for the former giants of the mobile phone game.
As you’d expect, Nokia is predicting a dodgy fourth quarter, too, predicting a poor Christmas performance thanks to “product transitions and our ramp up plan for our new devices”. We eagerly await that ‘ramp up plan’ and look forward to seeing Nokia soar once again. Or something.