Nokia Shares Surge 12% on Strong Fourth-Quarter Results

2:00 am on January 25, 2008 | Category: Business, Cell Phones, Corporate, Mobile Devices

business/nokia.jpg

The world’s leading handset maker, Nokia Corp., announced a 44% surge in fourth-quarter profit yesterday, and revealed that it had achieved a long-anticipated goal, gaining a 40% share of the global cell phone market.

The company posted net profits of $2.68 billion on quarterly revenue of $22.9 billion. It sold 133 million handsets in the final three months of 2007, up 27% from the same period in 2006.

“Nokia’s excellent fourth quarter contributed to a year of high growth and increased profitability for the company,” commented CEO, Olli-Pekka Kallasvuo. The handset maker’s stock surged 12.49% on the New York Stock Exchange yesterday, to close at $36.48.

Nokia’s strong fourth-quarter performance stood in stark contrast to that of its once-formidable rival, Motorola Inc., whose shares plunged more than 23% on Wednesday after recently installed CEO, Greg Brown, revealed that the recovery of its ailing handset division would take longer than anticipated.

Related Articles:

    None Found

    No Comments yet »

    RSS feed for comments on this post.

    Leave a comment

    XHTML: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


    Published by TeleClick Enterprises
    Edited by Jeremy Maddock