Me thinks this will be good for the market tomorrow also.
Technology News
Thu, 19 Oct 2000, 3:20am EDT
Nokia Third-Quarter Profit Rises 40% to EU892 Million on Phone Demand
By Jonas Dromberg
Espoo, Finland, Oct. 19 (Bloomberg) -- Nokia Oyj, the world's top cellular phonemaker, said third-quarter profit rose 40 percent on stronger-than-expected demand for its products.
Net income climbed to a greater-than-expected 892 million euros ($749 million), or 0.19 euro a share, from 638 million, or 0.14 euro, in the year-earlier period. Analysts surveyed by Bloomberg News had an average profit estimate of 745 million.
``Nokia is in better shape than ever to lead the market and technology development ahead,'' said Chief Executive Jorma Ollila in a statement released through the Helsinki stock exchange. ``Our view of the market development fundamentals remains unchanged.''
Nokia, which in July warned third-quarter profit will fall from the previous quarter, has seen its shares plummet 41 percent since the warning on fears growth is lagging amid slower economic growth in Europe and the U.S. and as clients wait for speedier Internet phones. Plunging global technology stocks prompted the Finnish company to report earnings a week earlier than planned.
Nokia reiterated its outlook of more than 400 million mobile phones to be sold this year.
Pretax profit for the quarter rose to 1.335 billion euros from 937 million. Sales rose 50 percent to 7.575 billion euros.
Operating profit in the cellular phone unit rose 42 percent to 1.068 billion euros. Analysts expected 914 million euros. Sales at the unit rose 59 percent to 5.456 billion euros.
Nokia shares fell 2.19 euros, or 5.8 percent, to 35.81 euros yesterday. The earnings were released before the Finnish market opened. |
