Bad quarter for Nokia.

Nokia reported earnings for the first quarter of 2010 on Thursday, and wow: it’s pretty cringe-worthy.
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Nokia released their quarterly earnings report two days ago, and at first glance the numbers were horrendous. Nokia managed to lose 426 million Euros, net sales were down 20% (year over year, or the change from last year), Devices & Services sales were down 20% while profit margin fell 3.1%, average selling price (ASP) dropped to 62 Euros, and mobile device shipments dropped 8% (yoy). But there were some positive highlights in the report.
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The Cookie and KS360.

And while that sounds like a lot, 255 billion South Korean won actually equates to about 181 million dollars USD. Gotcha! Still, parent company LG Electronics managed to post some decent numbers for the first quarter, with an overall profit of $324 million US dollars.
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SE gets hit by a 358 million euro loss.

Sony Ericsson sent out a press release earlier today that included a section called “Q1 Highlights”. There were only three bullet points. And the first was “Income before taxes was a loss of Euro 358 million (excl. restructuring charges)”…but we must remember, it could have been worse.
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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.
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Rough seas ahead for Sony Ericsson.

Sony Ericsson has been on a losing streak. Seriously. Two quarters ago (Q3 2008), the conglomerate/duo announced that it lost 25 million euros (~$34 million USD). Last quarter (Q4 2008), the company lost 187 million euros. And now, SE is about to land it’s biggest loss in a long time: 340 million euros. And that’s on the low end.
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Nokia: Connecting Less People Than Before

Just when it seemed like the wireless industry was positioned to get back on track, out came Nokia with another issue of its Bad Earnings Report. Among the worst was the company’s profit, which sank 69% from last year. Major ouch.
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So Sony Ericsson kicked off the phone makers’ quarterly earnings reports for the end of 2008, and it sure wasn’t good: the tag team effort between Sony and Ericsson AB produced a 187 million euro loss in Q4, on 2.9 billion euro revenue.
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On November 14, Nokia reported that estimates for both the fourth-quarter of 2008 and the whole of 2009 would be lower than expected, and got burned. Today, Nokia added more fuel to the flames with its latest announcement that industry sales for 2009 would drop by a least 5 percent, and fourth-quarter sales would be lower than the previous 330 million unit estimate. At Nokia’s Capital Markets Day, there was also the standard spiel about reducing costs and the company being well-positioned, etc but the bottom line was that the mobile phone industry is hurting, and will be hurting next year too.
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Bad news for the mobile phone market in 2008, 2009, and beyond

Ouch: Nokia reported Friday that fourth quarter industry mobile phone sales would be far lower than expected – 20 million phones lower, to be exact. The company also painted a pretty bleak picture for the future, thanks to a certain global recession.

Nokia didn’t give any hard numbers for 2009, other than to say that phone sales would be lower than 2008, as would be anything to do with the Nokia Siemens Networks joint venture (surprise!).
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