Tuesday, March 11, 2003
Nokia warned January-March sales expected to decline slightly from $7.74 billion a year ago due to plunging demand for networking equipment.
"Overall, the results for Nokia were in line with our expectations, although networks were weaker than expected. We were positively surprised by sales growth in handsets. But we still see this as a risk factor,'' said a investment banker.
Besides being the largest mobile phone maker, Nokia is also among the biggest sellers of networking gear, such as base stations and radio equipment, that enable mobile phone calls.
Nokia warned it expected its network unit, which makes up around 20 percent of group sales, to post a substantial pro forma operating loss in the first quarter, the unit's first loss since Nokia started quarterly reporting in 1996.
By: DocMemory
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