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Microsoft sets two years for Nokia to break even

: Thursday, July 24 - 2014 @ 05:19

Microsoft Corp has said it aims to get its loss-making Nokia phone unit to break even within two years, Reuters has reported. The company plans to take $1bn in costs out of the Nokia operation and stop its losses by fiscal 2016, which ends in June 2016, following massive job cuts announced last week, said Microsoft’s chief financial officer. Nokia, which Microsoft bought in April for $7.2bn, added almost $2bn to Microsoft’s quarterly revenue, but posted an operating loss of $692m, which included some one-time costs.

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Thursday, July 24- 2014 @ 5:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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