The world's largest mobile phone maker isn't recession-proof, as sales — and demand — takes a nose-dive.
Earnings for the world's largest cell phone maker plummeted to €122 million — down from €1.2 billion a year earlier — on a decrease in revenue that saw Nokia's (NYSE: NOK) sales drop from €12.6 billion to €9.2 billion compared to a year ago.
On a per-share basis, Nokia reported a €0.03 profit, down sharply from the €0.32 profit it posted a year ago and below financial analysts' expectations of a €0.06 profit, according to Reuters Estimates.
Citing an «exceptionally tough environment,» Nokia CEO Olli-Pekka Kallasvuo said that the global recession is significantly decreasing the demand for mobile handsets.
«Regarding the health of the overall mobile device market, the inventory already in the sales channels decreased substantially during Q1 due to extensive destocking by operators and distributors,» Kallasvuo said in a statement. «This adversely impacted our sales volumes in the quarter. However, it has also resulted in the demand picture becoming more predictable as we enter the second quarter.»
Nokia said that it shipped about 93.2 million handsets during the quarter, a decline of 19 percent from a year earlier, and a roughly 18 percent drop compared to the fourth quarter.
Will Windows 7 Be a PC Mover? Analysis: Microsoft and its PC partners hope Windows 7 can drive PC sales, even in a down economy.
No two recessions are the same, and the shakedown hitting the U.S., indeed the global economy, is very different from the one experienced in 2000-2002. That was a powerful combination of the Silicon Valley getting hit directly [...]
Upgrades Can't Save Dell, Cisco Good news for Dell, Cisco and Apple investors just meant falling less than the rest of the stock market.
The 16-month-old bear market added another "worst ever" to its list of accomplishments today, sending stocks plunging in the weakest start to the month of March in market history.
Every stock in the big-cap Nasdaq 100 ended the [...]
Report: IT Salaries Still Rising Developers, IT executives and managers are projected to see the highest salary growth despite the recession, a report from Computer Economics says.
While the economy is hitting technology companies hard, a new report suggests that corporate information technology jobs may be a bit more recession-proof. Computer Economics's 2009 IT Salary Report finds that while salary [...]
Open Source Backers See Downturn Opportunity Prominent open source executives make the case for lower-cost alternatives during the economic crisis.
SAN FRANCISCO -- Most tech suppliers aren't too happy about the state of the economy. Tighter budgets brought on by the crisis generally means less IT spending. Proponents of open software don't dispute the challenge, but they argue the current tough times [...]
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