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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

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From: Bill Wolf	7/22/2010 6:56:52 AM
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Smartphone Woes Hurt Nokia Results By GUSTAV SANDSTROM Nokia Corp. said Thursday second-quarter net profit fell 40% as the world's largest mobile-phone maker struggled to compete with rivals like Apple Inc. in the premium smartphone segment, but it expects new devices to spur a rebound later this year. The Espoo, Finland-based company said net profit fell to €227 million ($289.8 million) for the three months to June 30, down from €380 million a year ago but slightly ahead of market expectations. The company in June had warned that net profit would be down, a mark of its failure to compete effectively in the high-end smartphone segment with iPhone maker Apple and devices based on Google Inc.'s Android. That failure may also cost Chief Executive Olli-Pekka Kallasvuo his job after The Wall Street Journal reported Monday that the board had started to look for a new leader. The company has so far declined to comment on the issue. Nokia said Thursday it expects net sales of between €6.7 billion and €7.2 billion, and an operating margin of 7%-10% at its devices and services unit in the third quarter. The mobile-phone maker expects a devices and services operating margin in 2010 of 10%-11%. Nokia previously expected a slightly fall in its mobile device value market share and an operating margin of around or below 11% at its dominant devices and services unit for the full year 2010. The average selling price of its mobile phones fell to €61 from €62 in the previous quarter. Nokia's devices and services operating margin fell to 9.5% from 11.6% a year earlier. Net sales rose slightly to €10 billion from €9.91 billion, while operating profit fell to €295 million from €427 million. online.wsj.com

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