Smartphones, lower costs lift Nokia's net
Source: Agencies |
January 29, 2010, Friday
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Print Edition
Print Edition
THE world's biggest mobile phone maker Nokia Corp yesterday said strong sales of smartphones and lower costs helped profit rise 65 percent in the fourth quarter despite a drop in total revenue.
Net profit was 948 million euros (US$1.33 billion) in the last three months of 2009, up from 576 million euros in the last quarter of 2008, but sales dropped 5.3 percent to 12 billion euros from 12.7 billion euros.
The Finnish company said it boosted its share of the mobile phone market to 39 percent, from 38 percent in the previous quarter and 37 percent in the fourth quarter of 2008.
In smartphones, where competitors include Research in Motion Ltd's BlackBerry and Apple's Inc's iPhone, Nokia said its market share grew from 35 percent to 40 percent.
"This was the surprise. Many had expected Nokia's share of smartphones to fall even lower from earlier figures but in fact it was up," said Michael Schroeder from FIM Bank. "And across the board Nokia did pretty well."
The results gained from the fact that special items, one-time costs, which include restructuring charges, were lower than that in the comparable quarter in 2008.
The mobile phone industry has been hit hard by the financial crisis, and Nokia last year cut more than 3,000 jobs globally and temporarily laid off thousands in Finland.
Net profit was 948 million euros (US$1.33 billion) in the last three months of 2009, up from 576 million euros in the last quarter of 2008, but sales dropped 5.3 percent to 12 billion euros from 12.7 billion euros.
The Finnish company said it boosted its share of the mobile phone market to 39 percent, from 38 percent in the previous quarter and 37 percent in the fourth quarter of 2008.
In smartphones, where competitors include Research in Motion Ltd's BlackBerry and Apple's Inc's iPhone, Nokia said its market share grew from 35 percent to 40 percent.
"This was the surprise. Many had expected Nokia's share of smartphones to fall even lower from earlier figures but in fact it was up," said Michael Schroeder from FIM Bank. "And across the board Nokia did pretty well."
The results gained from the fact that special items, one-time costs, which include restructuring charges, were lower than that in the comparable quarter in 2008.
The mobile phone industry has been hit hard by the financial crisis, and Nokia last year cut more than 3,000 jobs globally and temporarily laid off thousands in Finland.
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