Nokia makes modest profit in Q4

Nokia has returned to profitability, with its Q4 report showing profits of US$585 million, though the firm still lost around US$3 billion across the full fiscal year.

The company also generated revenues of US$10.73 billion.

The Siemens Network division was the primary proponent of this growth, with Devices and Services improving but still some way from profitability. 4.4 million Nokia Lumia smartphones have so far been sold worldwide, but the division could muster only 6.6 million unit sales in total, a 66 percent year-on-year decline.

“We are very encouraged that our team’s execution against our business strategy has started to translate into financial results,” said Nokia CEO Stephen Elop. “Most notably we are pleased that Nokia Group reached underlying operating profitability in the fourth quarter and for the full year 2012.”

In spite of this upturn in fortunes, the company has announced that for the first time in 20 years it will not be paying a dividend, in order to improve its “liquidity position”.

“We remain focused on moving through our transition, which includes continuing to improve our product competitiveness, accelerate the way we operate and manage our costs effectively,” said Elop. “All of these efforts are aimed at improving our financial performance and delivering more value to our shareholders.”

Posted in: Mobile

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