Did Nokia Turn a Corner With These Results?

  Google+  Twitter | + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

Nokia’s (NYSE:NOK) doomsayers may have to pull back their criticisms, at least for now; in the fourth quarter the Finnish cellphone manufacturer produced results that gave some hope for the company’s future profitability.

For the three-month period, Nokia generated a profit of 202 million euros ($269 million), a huge increase over the 1-billion-euro loss the company reported in the fourth quarter of 2011. But while profit rose, revenue dropped to 8 billion euros ($10.66 billion) from 10 billion in the year-ago quarter. Operating profit for the full year decreased to a 2.3 billion euro loss from a 1.1 billion euro loss in 2011.

Markets are at 5-year highs! Discover the best stocks to own. Click here for our fresh Feature Stock Pick now!

Sales for the full year were even less encouraging. The company’s sales figures dropped 22 percent to 30.2 billion euros ($40.24 billion) from 38.7 billion euros last year, confirming that competition from Apple’s (NASDAQ:AAPL) iPhone and Google’s (NASDAQ:GOOG) Android devices remained tough. In particular, Nokia’s Devices & Services operation struggled. The unit reported that fourth-quarter revenue fell to 3.9 billion euros from 6 billion, with sales down 34 percent for the full year. Its Lumia smartphones, powered by Microsoft’s (NASDAQ:MSFT) Windows Phone 8, did well, selling 4.4 million units worldwide, but the company’s Smart Devices division sold only 6.6 million units, a 77 percent decline over last year…

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business