Nokia Earnings Plummet 90% as Demand Sours | Интернет-журнал "Корпоративные информационные системы"
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 #39;s (NYSE: NOK) sales drop from €12.6 billion to €9.2 billion compared to a year ago.

On a per-share basis, 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,» 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.»

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.

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