Nokia 2Q net profit plunges by 28 percent, sales flat
Posted on: Thursday, 17 July 2003, 06:00 CDT
HELSINKI, Finland (AP) -- Hit by a global recession and a weak dollar, Nokia reported Thursday that its second-quarter net profit fell by 28 percent to Ç624 million (US$693 million) while net sales remained almost unchanged at Ç7 billion (US$7.8 billion), compared to the same period in 2002.
The world's biggest maker of mobile phones said its handset sales grew by an average 2 percent year on year. Strong sales in Europe were offset by lower sales in Asia and ``substantially lower sales in the Americas,'' it said.
Nokia's chief executive, Jorma Ollila, said the company now had a 39-percent global market share in mobile phone sales.
In its ailing networks division, Nokia took a charge of Ç399 million (US$443 million) during the second quarter due to restructuring that included closing research and development units and layoffs.
On the Helsinki Stock Exchange, Nokia's share price fell 10 percent to Ç14.15 (US$15.70) in early afternoon trading.
In 2002, Nokia's net profit was 3.4 billion euros (US$3.6 billion) on sales of 30 billion euros (US$32.2 billion).
Nokia, based in Espoo, just outside the Finnish capital, has sales in 130 countries with 53,000 employees.
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