On same day as Swedish rival Ericsson released quarterly and annu...
On same day as Swedish rival Ericsson released quarterly and annual results, Nokia reported $28.14 billion in sales for year, up 36% from 1999. Finnish telecom maker also had $3.6 billion profit for year, up 53%. In quarter ended…
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Dec. 31, sales soared 46% to $8.6 billion. Nokia estimated sales growth in first quarter 2001 would be 25-30% and earnings per share would remain level. It said earnings projection reflected “somewhat slower- than-anticipated market growth during the first quarter.” Nokia also estimated first-half revenue growth would be in 25-35% range, although it had topped 50% last year. It forecast wireless phone sales would rise 20% by 4th quarter “at the latest.” Wall St. sent Nokia’s shares down 4.62% to $35.28 on N.Y. Stock Exchange.