Nokia heralded a brave, new future as it published its first quarter results today, using the occasion to mark the end of its journey as a devices manufacturer, following the sale of its devices and services division to Microsoft.
However failure to complete the sale of the division before Q1 dragged down Nokia's results for the period with Q1 results revealing losses at the division of £268m on revenue of £1.59bn, representing a 30% drop in year on year sales.
Nokia attributed the fall to the transitionary nature of the quarter and predicted brighter days to come.
Reporting a strong balance sheet Nokia chairman Risto Siilasmaa said: 'With the closing of our transaction with Microsoft, Nokia begins a new era. We are confident in our future. Nokia's vision is to be a leader in technologies which will be important in a world of billions of intelligent connected devices.'
He said Nokia will focus on developing its core businesses - Networks, HERE, and Technologies - going forward.
Siilasmaa also singled out Nokia's Networks division head Rajeev Suri, who is to become Nokia's new CEO, for praise. He said: 'Under the leadership of Rajeev Suri, Networks has become an innovation leader, with tremendously improved strategic focus and financial results. I believe Rajeev is the right person to lead Nokia forward, and that his passion for technology will help ensure that Nokia continues to deliver technologies that have a positive impact on people's lives.'
Suri has headed up Nokia's networks business since 2009 and led a major restructuring of the unit, which accounts for 90% of the new group's revenues.
Nokia's Q1 results unveiled a 15% fall in net sales compared with a year while underlying operating profits rose 20%.
The company said its Networks division achieved solid underlying operating profitability, with Q1 2014 non-IFRS operating profit 9.3% of net sales, compared to 7.0%, in Q1 2013.
Nokia put this increase down to a higher proportion of software sales, efficiency improvements in its global services and a higher proportion of mobile broadband sales.
HERE's external net sales were £152, an increase of 13% year-on-year, driven by strong sales to vehicle customers.
Nokia's technologies division also benefitted from a patents agreement with HTC which Nokia said will open up greater licensing opportunities for the division.