July 21, 2011

Nokia Reports: Night and Day vs. Apple

Stephen Elop, Nokia CEO:

The challenges we are facing during our strategic transformation manifested in a greater than expected way in Q2 2011,” said Nokia CEO Stephen Elop in a statement. He continued, “While our Q2 results were clearly disappointing, we are executing well on the initiatives that are most important to our longer term competitiveness.

(Via Zach Epstein, writing for Boy Genius Report.)

Nokia's operating profit decreased 44% this past quarter. Gross revenue and unit sales were down as well.

Contrast that with Apple's iPhone sales in their quarterly report, yesterday. iPhone unit sales more than doubled, as did overall profits (including all divisions). And Apple did not release a new product to the smartphone market during the quarter.

Clearly, Apple is in the catbird seat these days, something relatively new in the company's history. Nokia used to be the king of wireless phones. All it takes is one well-designed, world-changing product. More or less.