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Nokia Reports Fall In Profits

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Nokia Reports Fall In Profits

Finnish mobile network equipment, Nokia Networks’s first quarter network sales dropped 8 percent when compared a year ago to 5.18 billion Euros. This is the first unified results after the company acquired Alcatel Lucent. As part of the merger the company said that it would axe jobs across the globe , including 1,400 in Germany and 1,300 in Finland.

Nokia

Sales dropped by as much as 17 percent in North America, Nokia’s largest market. The company also recorded a drop of 11 percent in the Middle East, 6 percent in Asia-Pacific and 5 percent in China. Latin America is the only region where Nokia recorded a sales surge of 6 percent.

“Some of our customers could be holding back a bit while waiting for deliveries from our new combined roadmap. However, we have no reason to believe we have lost footprint with any of our major customers,” Chief Financial Officer Timo Ihamuotila said in a conference call.

The Finnish company’s other sector, Nokia Technologies, which controls the company’s patents portfolio, saw sales fall 27 per cent from a year earlier to 198 million euros.

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