Nokia beats Q2 forecasts on strong sales in Asia-Pacific
Nokia reported Q2 earnings of 37 cents a share, thereby, defeating all earlier estimates made by analysts.
By Bloomberg |
HELSINKI: Nokia, the world���s biggest maker of mobile phones, reported earnings and revenue that exceeded analysts��� estimates and raised its forecast for industry sales on demand for handsets with music players and maps.
Nokia reported second-quarter earnings of 37 cents a share, excluding costs, and sales of e13.2 bn ($21 bn).
Net income fell 61% to e1.1 bn, or 29 cents a share, from e2.83 bn, or 72 cents, a year earlier, when Nokia booked a gain from its network unit. Sales advanced 4%.
CEO Olli-Pekka Kallasvuo said Nokia���s market share increased to 40% during the quarter and predicted industry sales will climb by at least 10% this year. Nokia plans to introduce touch-screen phones in 2008.
Sales for Nokia in Asia-Pacific, which includes India, jumped 42% to 36.4 mn. In June, the company had its best month ever in India, he said. Mobile-phone operators there are adding seven million subscribers a month, CFO Richard Simonson said.
Before Thursday Nokia shares had dropped 41% this year, cutting its market value to 61.8 bn euros, on concern slowing economies will crimp demand. Average selling prices for phones fell to 74 euros, down from 90 euros a year earlier and 79 euros in the preceding quarter, Nokia said. Some 40% of that decline came from currency effects, said world���s biggest maker of mobile phones.
Nokia reported second-quarter earnings of 37 cents a share, excluding costs, and sales of e13.2 bn ($21 bn).
Net income fell 61% to e1.1 bn, or 29 cents a share, from e2.83 bn, or 72 cents, a year earlier, when Nokia booked a gain from its network unit. Sales advanced 4%.
CEO Olli-Pekka Kallasvuo said Nokia���s market share increased to 40% during the quarter and predicted industry sales will climb by at least 10% this year. Nokia plans to introduce touch-screen phones in 2008.
Sales for Nokia in Asia-Pacific, which includes India, jumped 42% to 36.4 mn. In June, the company had its best month ever in India, he said. Mobile-phone operators there are adding seven million subscribers a month, CFO Richard Simonson said.
Before Thursday Nokia shares had dropped 41% this year, cutting its market value to 61.8 bn euros, on concern slowing economies will crimp demand. Average selling prices for phones fell to 74 euros, down from 90 euros a year earlier and 79 euros in the preceding quarter, Nokia said. Some 40% of that decline came from currency effects, said world���s biggest maker of mobile phones.
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