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Nokia Posts Weak Q4 Results

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The largest mobile-phone manufacturer in the world, Nokia  Corporation, has issued its Q4 2008 earnings report. The Finnish-giant has also stated that it expects weaker Q1 2009 device sales.

Highlights from the press release:

– Nokia net sales of EUR 12.7 billion, down 19% year on year and up 3% sequentially (down 18% and up 1% at constant currency).
– Devices & Services net sales of EUR 8.1 billion, down 27% year on year and down 5% sequentially (down 25% and 8% at constant currency).
– Services and software net sales of EUR 158 million, up 37% sequentially.
– Estimated industry mobile device volumes of 305 million units, down 9% year on year and down 2% sequentially.
– Nokia mobile device volumes of 113.1 million units, down 15% year on year and down 4% sequentially.
– Nokia estimated mobile device market share of 37% in Q4 2008, down from 40% in Q4 2007 and down from 38% in Q3 2008. The full year 2008 estimated market share was 39%.
– Nokia mobile device ASP of EUR 71, down from EUR 72 in Q3 2008.
– Devices & Services gross margin of 33.8%, down from 36.5% in Q3 2008.
– NAVTEQ net sales of EUR 205 million, up 31% sequentially from EUR 156 million, and non-IFRS operating margin of 25.7% (18.5% in Q3 2008)
– Nokia Siemens Networks net sales of EUR 4.3 billion, down 5% year on year and up 24% sequentially (down 4% and up 23% at constant currency).
– Nokia Siemens Networks achieved substantially all of the EUR 2.0 billion of targeted annual cost synergies by the end of 2008.
– Operating cash flow was negative EUR 0.3 billion, including the one-time EUR 1.7 billion lump-sum cash payment made to Qualcomm as part of the previously announced license agreement. Excluding the Qualcomm payment, operating cash flow was EUR 1.4 billion.
– Total cash and other liquid assets of EUR 6.8 billion at the end of Q4 2008.

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By , Financial Director and Correspondent on Jan 22nd, 2009 GMT +2

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