re: Reuters on Jorma's Keynote at USB PJ Tech Conference
The Q&A was not included in the webcast by USB PJ, unfortunately.
<< Look forward to whatever he has to say, but what would be even more interesting is what Nokia can and will do. >>
I'm not sure that what you want to hear from Jorma is exactly what I want to hear as a Nokia shareholder but ...
... the most interesting thing to me was that Jorma had a slide on CDMA, admitted again that Nokia had not done well in the past with handsets for this technology, but stated that in 2003 Nokia would be releasing an equivalent 1xRTT model for each GSM model released and at approximately the same time as the GSM model.
This of course in addition to an impressive summary of Nokia's impressive Cash Flow. Operating Margin, RONA, Cash Position, Gearing, Dividend Yield, etc, as well as continued growth in a tough environment.
>> Nokia CEO: New Phones a Buffer Vs Economy
Boston
Reuters
07 Aug 2002
Pressure to replace aging mobile phones will offset weakening in the U.S. or European economies, allowing Nokia to meet full-year financial targets, its Chief Executive Jorma Ollila told investors on Wednesday.
The head of the Finnish mobile communications equipment maker told U.S. money managers at an investor conference here that new features such as picture messaging, color screens and Internet-friendly networks will shore up Nokia's second-half revenues, even if major economies continue to deteriorate.
"We have taken a very conservative look at the U.S. and at the European economy as (they) might evolve," the head of Europe's most-closely watched technology company assured jittery investors during a presentation before the Piper Jaffray Technology & Telecommunication conference here.
"Working in Nokia's favor are pressures to replace dated phones dating from the industry boom year of 2000, when 405 million phones were sold worldwide, Ollila said. "(Year 2000) was a particularly strong growth period. Those phones will be 2 1/2 years old, which will kick in a natural replacement cycle ... (and that) is balancing the possible negatives," he said.
Three weeks ago, Europe's leading technology company cut its second-half 2002 sales growth to 3 to 10 percent, compared with an earlier target of up to 10 percent growth. On Wednesday, Ollila stood by the company's second-half targets, which also call for full 2002 year earnings per share of 79 eurocents to 84 eurocents, excluding planned charges to cover a bad investment in German mobile service provider Mobilcom.
Shares, which were trading dead-even on the day ahead of the Nokia CEO's remarks, declined 26 cents to trade at $11.02 on the New York Stock Exchange by mid-afternoon. <<
- Eric - |
