Electronics Production | January 22, 2009
Nokia's profit collapse
Nokia's profit before tax fell to €476 million in the fourth quarter, compared to €2 573 million for the same quarter last year. It is worse than analysts had expected.
According to SME Direct, analysts had expected that Nokia's results would be €1100 million in the fourth quarter. Turnover fell to €12.7 billion, compared to €15.7 billion in the fourth quarter of 2007. It is also worse than expectations, which stood at €13.0 billion for the quarter, according to e24.se. Nokia has lowered its forecast for the mobile phone market in 2009 and believes in a market decline of about 10%, compared to a previously made forecast of a 5% reduction in the number of sold mobile phones.