‘Mobile first, cloud first’ is Microsoft’s new mantra, but its fiscal first quarter financial results showed growth in only one of them. Indeed, the mobile hardware business saw its revenues fall by a huge 54% year-on-year, to $1.1bn at constant currency, a sad comedown from the glory days of Nokia, and with gross operating profit of just $100m. The collapse of the smartphone business which Microsoft acquired from Nokia is both a result of the firm’s misguided lurch into device hardware, and a justification for CEO Satya Nadella’s decision to limit the damage by drastically cutting back on handset activities. It is very clear that his ‘mobile first’ slogan does not mean selling millions of Windows smartphones, as his predecessor…