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Technology Stocks : Nokia (NOK)
NOK 6.500-0.1%3:59 PM EST

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To: Nils Mork-Ulnes who started this subject1/9/2001 10:11:22 AM
From: foundation   of 34857
 
salve for the afflicted -


Tero Kuittinen
Hold the gloating, Herb
1/09/01 9:46 AM ET

This may be all too predictable - but I’d like to point out that interpreting Nokia’s volume shipment
number as a revenue disappointment is not correct. Nokia announced they have sold 128 million
phones in 2000 – most common volume expectation was 130 million. Of course there were analysts
looking for 140 million, but that doesn’t make it ”industry expectation”.

Here’s the point: this winter is the juncture when Nokia’s decade-long, steep fall in the average retail
price of a mobile phone has turned into an average increase of handset retail prices. I don’t know
what the consensus opinion on this is. But I think the development is remarkable. I do not think it’s
reasonable to expect a volume shipment upside surprise at the same time Nokia has finally been able
to turn phone price decline into reverse.

The key numbers of Nokia’s 4Q are going to be phone profit growth and mobile network revenue
growth. Volume numbers released today tell us zippo about those issues.

long on Nok
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