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Thursday, January 24, 2013
Nokia Reports Profit As Lumia Smartphone Sales Improve


Nokia today reported a net profit for the fourth quarter, as it sold a growing number of Windows Phone-based Lumia smartphones.

The Finnish company said Thursday that it turned a net profit of €202 million ($270 million) in the fourth quarter, compared with a loss of $1 billion a year earlier, but revenue fell 20 percent as it failed to make gains in the fiercely competitive smartphone market.The company's revenue dropped to €8 billion ($10.6 billion) from €10 billion as smartphone sales plunged 55 percent from a year earlier.

During the fourth quarter 2012 Nokia said it shipped 6.6 million Smart Devices units, of which 4.4 million were Lumia devices. Symbian devices accounted for 2.2 million units of the company's Smart Devices volumes in the fourth quarter 2012. Nokia expects its Symbian devices to account for a significantly smaller portion of our overall Smart Devices volumes in the first quarter 2013 and going forward. During the same period, Nokia also shipped 79.6 million Mobile Phones units, of which 9.3 million were Asha full touch smartphones.

Commenting on the results, Stephen Elop, Nokia CEO, said:

"We are very encouraged that our team's execution against our business strategy has started to translate into financial results. Most notably we are pleased that Nokia Group reached underlying operating profitability in the fourth quarter and for the full year 2012.

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.

We remain focused on moving through our transition, which includes continuing to improve our product competitiveness, accelerate the way we operate and manage our costs effectively. All of these efforts are aimed at improving our financial performance and delivering more value to our shareholders."

Elop added that the company was making progress in resolving supply issues with its new Lumia 920 smartphones.

He also told reporters on a conference call that that Nokia was open to "all options" for Nokia Siemens Networks, its network equipment venture with Siemens.

Nokia also lans to axe its annual dividend payment for the first time in over 20 years To shore up its cash position against falling sales.


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