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October 20, 1995

SOARING NOKIA JOINS IN THE WARNINGS ABOUT THE US CELLULAR MARKET

By CBR Staff Writer

Nokia Oy quirkily reports figures thirdly rather than quarterly, and the company says pre-tax profit was up 57% at the equivalent of $843m as it improved its market position in its main businesses. Total sales rose to $5,370m from $4,260m and sales of telecommunications infrastructure climbed 51% and mobile phones sales soared by 59%. Chief executive Jorma Ollila was euphoric: We have seen continued strengthening and we’re very happy, he told Reuters. We have reason to be pleased because we’ve strengthened our market position in telecommunications and mobiles. But while he saw strong growth continuing in Asia-Pacific and Europe, he echoed Motorola Inc in saying that growth in the US would probably be slower than of late.

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