Nokia Reports Better-Than-Expected 90% Drop in Profit
Even with a 90% profit drop, Nokia beat the estimates.
In this day and age it doesn’t seem like it takes too much to beat the numbers that Wall Street analysts put up. Case in point: Nokia just announced that profits went from 1.2 billion euros last year (1.58 billion USD) to a meager 122 million euros (160 million USD) today. That’s a 90% slide. But if you can stomach those numbers, then the rest is a heck of a lot rosier.
Some of the highlights from the earnings report:
- Sales down 27% to 9.3 billion euros
- 93 million devices sold, down 19% from a year ago
- Global market share of 37%, down from 39%
- Nokia 5800: 2.6 million unit shipped in the quarter, 3 million overall since Nov. 2008
Interesting side tidbits: Nokia actually shipped 30.8% more phones to North America this quarter compared to Q1 2008, the only positive year-over-year number. Shipments to China also increased 38.8% from last quarter (Q4 2008).
All in all, it was nasty, bloody quarter, but at least Nokia walked out of the ring with some dignity remaining – considering the numbers were expected to be much, much worse. And the outlook for the next quarter wasn’t so bad either. The massive number of Nokia 5800 phone shipments was surprising given the number of not-so-great reviews floating around the net (which had forced me to hold back on my own 5800 purchase), but it looks like customers will bite if the price is right. Now where’s my N97?
