Nokia unveils new CEO as sales miss expectations

Slimmed-down technology firm Nokia on Tuesday unveiled it new CEO and reported sales figures below analysts' expectations.

Sales in the first quarter came in at 2.7 billion euros ($3.7 billion), against expectations in a Dow Jones poll for a figure of 2.85 billion euros. The group earned 0.04 euros share, against the 0.08 euros seen in the fourth quarter of 2013.

The latest earnings come at a time of serious upheaval at the Finnish company. U.S. technology giant Microsoft finally completed its acquisition of Nokia's devices and services business on Friday. The two companies had forged a partnership to produce several well-received smartphones in recent years but Nokia has struggled with market share over the past few years, with the emergence of Apple and Samsung.

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Henrik Kettunen | Bloomberg | Getty Images

This hasn't deterred Microsoft, with Friday's transaction totaling 5.44 billion euros ($7.5 billion), up from the 5.4 billion euros price tag originally announced last year.

With Nokia now focusing on its network infrastructure business and technology unit (NSN) - which accounts for nearly half of Nokia's total revenue - the company has announced Rajeev Suri will take the helm of the slimmed-down company.

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In 2011, Suri undertook an aggressive restructuring drive that saw around 17,000 jobs axed at the unit in an attempt to make it more profitable. Suri was largely credited with the turnaround and analysts believed he was a natural choice for the company.

In 2013, the networks unit posted operating profits of 1.1 billion euros, up 39 percent from the year before. Nokia's CEO role has been vacant since former boss Stephen Elop stepped down from his post after the Microsoft deal was announced in September. Elop previously worked for Microsoft and is set to return to his former employer, taking the helm at the devices and services division.

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