HMD, the company behind Nokia-branded phones and smartphones is not a public listed company yet and is thus exempt from reporting financial statements. Yet, HMD CPO Juho Sarvikas has revealed the Nokia phones and smartphones net sales and bottom line for the fiscal year 2018.

In an interview with Finnish magazine “HELSINGIN SANOMAT”, Juho has revealed EUR 2.4 Billion in net sales and a loss of EUR 189 million for the year 2018. He also revealed that losses are due to new investments in supply chain and R&D, especially the 5G technology fo phones.

‘We have invested heavily in distribution and production around the world, and in research and development, particularly in information security and the introduction of fifth-generation mobile phone technology,’ says Sarvikas.

Juho also revealed that HMD sold more than 80 million phones and smartphones combined in 2018 which was up 10 million from 2017. He also revealed that in 2017 the net sales figure was EUR 1.8 billion.

Last year, HMD Global sold more than 80 million phones, up 10 million from 2017. In 2017, the company had revenue of EUR 1.8 billion and a loss of EUR 65 million.

This is common for a start-up like HMD to operate in loss initially and finally reach break-even after few years of operation. So, EUR 189 million loss is not a scary figure. HMD also faced a business disruption recently and needed to invest heavily in its supply chain. But the investment has now started bearing fruits and one can see them moving faster than ever.