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January 25, 2013

Nokia sees profit in Q4 despite decline in sales

Net sales for the quarter decreased to €8.04bn for the quarter.

By CBR Staff Writer

Nokia has posted a profit of €202m, for the fourth quarter of 2012, compared to a loss of €1.07bn, for the same period in 2011.

Net sales for the quarter decreased to €8.04bn for the quarter, compared to €10bn for the same period last year.

The company said the recent quarter included restructuring charges of €9m, whereas last year’s restructuring charges totaled €25m.

During the quarter, Nokia strengthened its net cash position by about €800m sequentially, of which nearly €650m was generated by Nokia Siemens Networks.

"While the first half of 2012 was difficult for Nokia Group, in Q4 2012 we strengthened our financial position, improved our underlying operating margin in Devices & Services, introduced the HERE brand to expand our mapping and location experiences, and drove record profitability in Nokia Siemens Networks" said Nokia CEO, Stephen Elop.

Earlier this month, Nokia revealed plans to lay off more than 1,000 information technology jobs in order to reduce costs and streamline its operations.

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