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Nokia Profits Crash 90%

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I'm beginning to run out of verbs (not adjectives!) for recent Nokia financial results: crash, plummet, collapse - perhaps 'plunge' is a good one...

Nokia profits have plunged 90 per cent the company revealed today on publishing its Q1 2009 figures. This still translates to a profit of 122m euros but pales into insignificance compared to the 1.2bn it made during the same period last year. At least it still is profitable...

As for sales, they were down less at 27 per cent to (a still monstrous) 9.28bn euros from 12.7bn one year ago while its global market share dipped from 39 per cent to 37 per cent. Nokia recently made 1 700 staff redundant but thankfully that seems to be the end of the cull for now.

"In what has been an exceptionally tough environment, we continue to invest in a focused manner in consumer Internet services delivered across our broad portfolio of mobile devices," said Nokia CEO Olli-Pekka Kallasvuo. "Combined, these solutions will drive our future growth. As an example in Q1, I am especially pleased with the performance of our first mass market touch product, the Nokia 5800 XpressMusic. Together with Comes With Music, it is a great example of Nokia providing solutions that consumers value."

The 5800 XpressMusic (above) has shifted 2.6m units in Q1 - a commendable amount for what is a decent but not stunning handset and we can only hope it has convinced Nokia to focus more on a technology it had previously overlooked.

Besides, innovation may be the only way out of these evil times.

Link:
Press Release

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