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Nokia upbeat despite huge Q4 beating on charges, writedowns
Friday, 27 January 2012 01:36 | Editor   

In the pioneering inning of Nokia Corp.’s CEO Stephen Elop's turnaround gameplan, the Finnish handset manufacturer rose above market expectations on Thursday despite reporting a huge loss for Q4. The world leader in handset making by volume plummeted to a €1.07 billion ($1.4 billion) loss for the quarter ending December 31, as compared to a €745 million profit for the same period a year ago. Nokia's results were pulled down by €1.43 billion in charges and writedowns. However, aside the charges, Nokia's €478 million operating profit went beyond analysts' average forecast of €320 million, as per a Dow Jones Newswires survey. The company posted €10 billion revenue from sales, a decline of 21% from a year ago, but a bit higher than analysts' predictions.

 

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