Contact:
Newsfox Desk
Phone: + 43 - 1 - 811 40 - 319
E-Mail: editor@newsfox.com
| Pressbox | 
|
Helsinki (pte043/11.03.2003/13:41) - The worldwide largest mobile phone manufacturer Nokia http://www.nokia.com has issued a profit and turnover warning for the first quarter of 2003.
Instead of the anticipated 0.15 to 0.19 euros profit per share, the Finnish company only expects between 0.15 and 0.19 euros on a pro forma basis. The company further announced today that its turnover would be weaker than predicted.
Turnover in Nokia's mobile phone segment is expected to remain at the low end of the previously forecast zero to nine per cent growth rate. The company's network business will, however, cause greater problems, with turnover sinking by 15 to 20 per cent compared to the year before http://press.nokia.com/PR/200303/894834_5.html .
Nokia attributes the poor performance of Nokia Networks to reduced investments among mobile operators in all important world economic regions. In mid-February Nokia announced plans to cut jobs in this business area (see newsfox: http://www.pressetext.com/pte.mc?pte=030213017&phrase=Nokia ).
Nokia shares dropped by 6.5 per cent today in response to the profit warning, temporarily taking rivals Ericsson (minus 12 per cent) and Alcatel (minus 10 per cent) down with them.
On a positive note, Nokia expects up to 220m euros in once-only relief from the rescheduling of MobilCom's debts, which were taken over by France Telecom.
(end)
|
|
