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Technology Stocks : Nokia (NOK) -- Ignore unavailable to you. Want to Upgrade?

To: Scott Kessler who wrote (783)	7/24/1998 7:51:00 AM
From: Dave	Respond to of 34857

nokia.com Nokia reports second quarter and first half year 1998 results: Strong market position fuelled growth and profits Nokia's second quarter 1998 results show continued fast sales growth and high profits. Net sales totaled FIM 18 420 million, an increase of 41%. Operating profit increased by 75% compared to the second quarter 1997 and was FIM 3 346 million, representing an operating margin of 18.2% (14.6% in 1997). Nokia's net sales for the six months ended June 30, 1998 totaled FIM 33 290 million, an increase of 36%. Operating profit for the period increased to FIM 5 661 million, representing 17.0% of net sales (13.8% in 1997). Profit before tax and minority interests in the first half of 1998 totaled FIM 5 548 million. At June 30, 1998, Nokia had 41 596 employees. Commenting on the results, Nokia President and CEO Jorma Ollila stated: "Several factors contributed to yet another record quarter exceeding our expectations. In our network business, strong growth of sales and the healthy order inflow development continued. We were able to win several new customers, but equally important, many existing customers were conducting sizeable network expansion investments. Our recently introduced mobile phones were very favorably received by users all over the world. In addition, the rapid digitalization of the markets in the Americas, especially in the U.S., strengthened our market position." "For the future we maintain our strategic 25-35% net sales growth target. However, our good competitive position and strong performance in the first half of the year give us reason to believe that in 1998 we will somewhat exceed this target. Looking ahead, our most important challenges continue to include managing growth and instilling in all of our new employees the cornerstones of the Nokia Way. A knowledgeable, dedicated, innovative and enthusiastic staff in a regenerating organization is one of our key competitive strengths and the foundation for excellence in operations." Currency rate June 30, 1998, 1 FIM = 0.184 USD Nokia is a broad-scope communications company supplying mobile phones, mobile and fixed telecommunications networks, wireless data communications solutions, multimedia terminals and computer monitors. In 1997, net sales totaled FIM 52.6 billion ($9.8 billion). Headquartered in Finland, Nokia is listed on the NYSE (NOK.A), has sales in 130 countries and employs more than 41,000 people worldwide. For more information: Corporate Communications, tel. + 358 9 1807 363