Nokia promises more cost cuts

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Nokia promises more cost cuts

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Struggling mobile phone maker Nokia has promised it will make more, substantial cost cuts after reporting a slightly bigger than expected loss in the first three months of the year. Details of the cuts have yet to be revealed.

Its sales chief is also to leave next month as the sales team is restructured.

The Finnish company said its operating loss was 1.34 billion euros, compared to a 439 million euro profit in the same period last year.

The net loss was 929 million euros from a net profit a year ago of 344 million euros.

Nokia said sales of its new Lumia phones have been mixed as it struggles to compete with smartphone rivals Apple and Samsung.

Chief Executive Stephen Elop said: “We exceeded expectations in markets including the United States, but establishing momentum in certain markets including the UK has been more challenging.”