Nokia Posts Q4 Profit

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Nokia Corp.
NOK
reported a profit in the fourth quarter. Nokia posted a quarterly net profit of EUR443 million ($505 million), or EUR0.11 per share, versus a year-ago net loss of EUR26 million, or EUR0.01 per share. Analysts were expecting a profit of EUR0.09 per share. Its revenue gained 9.2%to EUR3.80 billion. Revenue in North America jumped to EUR514 million from EUR263 million, while growth in Europe, Africa and Middle East in the quarter surged 4%. Nokia's networks unit operating profit climbed to 470 million euros ($530 million), compared to 397 million euros. However, analysts were projecting a profit of 415 million euros. The company's technologies unit posted a quarterly operating profit of 77 million euros, versus estimates of around 105 million euros. Rajeev Suri, Nokia President and CEO, said, “The power of the new Nokia could be seen in our fourth quarter results. All of our businesses delivered strong year-on-year net sales growth. Profitability was excellent in Nokia Networks, and we were particularly pleased with our net sales growth in North America and core networks. HERE continued its momentum in the automotive segment, and the early reception to the Nokia N1 tablet has been remarkably favorable, showing the ongoing power of the Nokia brand and the long-term potential of our brand licensing business.” Nokia shares fell 1.77% to $7.75 in pre-market trading.
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Posted In: EarningsNewsprofit
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