Nokia, the world’s largest cellphone maker, reported its worst quarterly profit in more than a decade on Thursday, but company’s shares rallied after its chief executive suggested the worst for the global industry may be over.The chief executive, Olli-Pekka Kallasvuo, said after reporting Nokia’s smallest quarterly profit since 1996 that the smaller inventories maintained by retailers during the downturn would translate into stronger demand in the coming months for Nokia devices.To read this report in The New York Times in full, see:
nytimes.com/2009/04/17/technology/companies/17nokia.htmlNokia profits fall as smartphones lose out to iPhone
Nokia, the world’s largest mobile phone manufacturer, saw profits plunge more than 90% in the first three months of the year as cash-strapped consumers held onto their existing handsets.The Finnish company, which last month announced plans to cut 1,700 jobs, saw the average selling price of its phones fall to €65 (£57) in the three months to end March, from €71 over Christmas and €79 a year ago, as it failed to shift stock and consumers shied away from its expensive N series multimedia devices.To read this report from The Guardian in full, see:
www.guardian.co.uk/business/2009/apr/16/nokia-profits-fall
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