Nokia's profit soars 65 percent, sales fall

By SiliconIndia   |   Friday, 29 January 2010, 10:48 Hrs   |    1 Comments
Printer Print Email Email
Nokia's profit soars 65 percent, sales fall
Helsinki: Mobile manufacturer Nokia has reported a 65 percent rise in its net profit at euro 948 million for the quarter ending December 31, 2009, though its sales figures went down. In the same period last year, the company had a net profit of euro 576 million. Due to the slowdown, Nokia's net sales declined by five percent to euro 12 billion in the quarter under review, reports PTI.

During the October to December quarter of 2009, the Finnish handset maker improved its market share to 39 percent from 38 percent in the previous quarter and 37 percent in the fourth quarter of 2008. "We grew our market share in smartphones in the fourth quarter, driven by the successful launch of new touch and QWERTY models. Our performance in smartphones, combined with continuing success in the emerging markets, helped us increase sales in our Devices and Services unit, both quarter-on-quarter and year-on-year," said Olli-Pekka Kallasvuo, Chief Executive Officer of Nokia.

The CEO attributed the improved results to its supply chain management and better sales execution. The company's sales from Devices and Services inched up 0.5 percent to euro 8.2 billion in the fourth quarter of 2009 and 18 percent since third quarter of 2009.

GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..