Nokia's Profit Rises 76 Percent
Apr. 27, 2000
HELSINKI, Finland (AP) _ Telecommunications equipment maker Nokia's profit rose by 76 percent in the first quarter as sales of cellular phones soared.
The results were slightly higher than market expectations and its share price jumped 3.6 percent on the Helsinki Stock Exchange.
Nokia earned 891 million euros ($860 million) in the January-March period, up from 505 million euros a year earlier.
Revenue rose 69 percent to 6.5 billion euros ($6.3 billion) from 3.87 billion euros a year earlier.
``In a highly competitive and fast moving environment we have continued to achieve industry-leading growth, profitability and increased market share in many areas,'' chief executive Jorma Ollila said.
``Based on current market conditions and our globally strong position, we are confident we can achieve full-year revenue growth at, or higher than, the earlier stated 30 to 40 percent range combined with continued strong profitability,'' Ollila said in a statement.
From January to March, sales of mobile phones surged to 4.8 billion euros ($4.7 billion) from 2.5 billion euros a year earlier.
Nokia, the world's top cell phone maker, estimates that there are 520 million mobile phone subscribers worldwide. By the end of 2002, it estimates that the number of global mobile phone users will grow to more than 1 billion.
Nokia employs 56,000 people worldwide. It is a world leader in digital mobile phone technology and has supplied equipment to more than 80 operators in 40 countries.