Nokia Beats Q4 Predictions, Warns of Rough Times

 
 
By Carmen Nobel  |  Posted 2002-01-24 Email Print this article Print
 
 
 
 
 
 
 

Finnish wireless phone giant Nokia Corp. on Thursday announced fourth-quarter earnings that beat analysts' predictions, but Chief Executive Jorma Ollila still warned that the first two quarters of 2002 will be tough ones.

Finnish wireless phone giant Nokia Corp. on Thursday announced fourth-quarter earnings that beat analysts predictions, but Chief Executive Jorma Ollila still warned that the first two quarters of 2002 will be tough ones. The company posted a pro forma earnings per share of 0.24 euros, which was down 0.25 percent from the same quarter last year. Nokia earned 450 million euros for the quarter, compared with 1.2 billion euros in the same period the previous year.
Revenues for the quarter fell to 8.7 billion euros.
Excluding expenses, Nokia reported a pro forma net profit for the quarter of 1.15 billion euros, compared with 1.2 billion euros in 2000. "As we enter 2002, our strategic position is better than ever," Ollila said, adding that the second half of the year should be much better than the first. The company credited its relative success largely to the sale of mobile phones.
"Profitability for the mobile phones was really good all the way throughout the year," Ollila said. The company increased its market share for mobile phones to 37 percent, he said Officials said the company expects to sell 420 million to 440 million phones in 2002, compared with 380 million in 2001. Competitor Motorola Inc. posted its earnings on Tuesday, reporting a loss of four cents per share; it was the Schaumburg, Ill., companys fourth quarterly loss in a row.
 
 
 
 
 
 
 
 
 
 
 

Submit a Comment

Loading Comments...
 
Manage your Newsletters: Login   Register My Newsletters























 
 
 
 
 
 
 
 
 
 
 
Close
Thanks for your registration, follow us on our social networks to keep up-to-date
Rocket Fuel