Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Nokia profit drops 66% as recession hits demand
By Karl Ritter |
July 17, 2009, Friday
|
Print Edition
Print Edition
THE world's top cell phone maker, Nokia Corp, yesterday said earnings plunged 66 percent in the second quarter as the global recession sapped demand for handsets.
Net profit was 380 million euros (US$535 million), down from 1.1 billion euros in the same period a year earlier. Sales tumbled 25 percent to 9.91 billion euros.
Analysts polled by SME Direkt had forecast a profit of 327 million euros and sales of 10.1 billion euros.
The Finnish company, which sells about four in 10 mobile devices worldwide, dropped its target to increase market share this year, saying it expects its share of the mobile market to remain unchanged from 2008.
Nokia CEO Olli-Pekka Kallasvuo said the company "put in a solid performance in what was another tough quarter."
Its global market share rose to 38 percent in the second quarter, from 37 percent in the previous three months, but was still down from 40 percent a year earlier.
"We are balancing short-term priorities with our longer-term growth ambitions as elements of the mobile handset, PC, Internet and media industries converge to form a new industry," Kallasvuo said in a statement. "Consumers will increasingly expect devices and services designed as integrated solutions. To capture this opportunity we are accelerating our strategic transformation into a solutions company."
Mobile phone sales have fallen sharply in the economic slump. Global shipments fell 13 percent to 245 million units in the first quarter, the sharpest annual drop since the mobile phone industry started in the 1980s, said research firm Strategy Analytics.
Net profit was 380 million euros (US$535 million), down from 1.1 billion euros in the same period a year earlier. Sales tumbled 25 percent to 9.91 billion euros.
Analysts polled by SME Direkt had forecast a profit of 327 million euros and sales of 10.1 billion euros.
The Finnish company, which sells about four in 10 mobile devices worldwide, dropped its target to increase market share this year, saying it expects its share of the mobile market to remain unchanged from 2008.
Nokia CEO Olli-Pekka Kallasvuo said the company "put in a solid performance in what was another tough quarter."
Its global market share rose to 38 percent in the second quarter, from 37 percent in the previous three months, but was still down from 40 percent a year earlier.
"We are balancing short-term priorities with our longer-term growth ambitions as elements of the mobile handset, PC, Internet and media industries converge to form a new industry," Kallasvuo said in a statement. "Consumers will increasingly expect devices and services designed as integrated solutions. To capture this opportunity we are accelerating our strategic transformation into a solutions company."
Mobile phone sales have fallen sharply in the economic slump. Global shipments fell 13 percent to 245 million units in the first quarter, the sharpest annual drop since the mobile phone industry started in the 1980s, said research firm Strategy Analytics.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
