Utah People's Post

The Latest News from the Beehive State

Wednesday, July 6, 2022
Log in
  • National News
    • Female Caseworker Killed & Doctor Shot in Philadelphia
  • State News
    • Car Chase Leads to Drug Arrest
  • Tech & Science
  • Health
    • How to Prepare For Ticks Season
    • Magical Weight Loss Bean Scam
  • Sports
  • Business
You are here: Home / Business / Nokia Rejuvenated after Dropping Phone Unit

Nokia Rejuvenated after Dropping Phone Unit

October 23, 2014 Posted by Editor

Nokia Rejuvenated after Dropping Phone Unit

Selling the phone business to Microsoft in April seems to have been a wise decision for Nokia. The third quarter figures show that the company is now again profitable. Moreover, Nokia’s revenue exceeded the analysts’ expectations. Rajeev Suri was appointed Chief Executive Officer in May, after the transaction took place, and he already proves that the board took the right decision.

Nokia’s highly successful phone business in the 2000s turned into a burden for the company, who decided to hand it over to Microsoft for $7.2 Billion. The deal was closed in April.

Now Nokia focuses on other businesses. The Finnish company acquired Siemens Communications, the telecom arm of the famous German company, in 2013. Nokia Networks, the result of the former joint-venture, is now one of the main competitors on the market. After Ericsson and Huawei, Nokia is now the third largest supplier of network related equipment.

Suri cautiously mentioned that the wider context was particularly favorable for Nokia in the last couple of months. The business benefited from a couple of major investments by mobile carriers in two of the largest markets, China and North America.

“Networks benefited from some unique developments in the quarter, with a business mix weighted towards Mobile Broadband and regional mix that included strong gains in North America,” chief executive Rajeev Suri said in a statement.

Sales increased 13 percent, reaching 3.3 billion euros, 300 million euros more than the estimates.

The core operating profit margin for the third quarter increased to 13.5 percent, 2.5 percent up from the previous quarter. The net reported profit of 747 million euros is fantastic, compared with the 91 million euros loss suffered in the same period last year.

Analysts were not expecting recordings higher than 10 percent. The results convinced the company to update the estimated annual profit to 11 percent. Year-over-year, the profit per share rose from 6 cents to 9 cents.

At the moment, the network business makes more than 90 percent of the company’s sales. But Nokia’s mapping business is doing surprisingly well, considering that competing against Google Maps is almost suicidal. Nokie Here, formerly known as Ovi Maps and Nokia Maps, has close collaborations with Amazon, Microsoft and Yahoo. Moreover, the majority of car-navigation systems are based on Here.

A Nokia share is now valued at 6.51 euros after enjoying a 1.1 percent increase. Nokia now has a market value of 24.4 billion euros, Bloomberg reports.

Share this:

  • Tweet
  • Share on Tumblr
  • Email

Filed Under: Business Tagged With: Nokia, Nokia HERE, Nokia Networks, Nokia phones, third quarter

Woman working out at the gym

Just 23% of Americans Are Working Out Enough in Their Spare Time

June 29, 2018 By Amelia Donovan

Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)

June 29, 2018 By Amelia Donovan

United Airlines airplane

Passenger Mysteriously Dies on United Airlines flight Bound for Boston

June 28, 2018 By Amelia Donovan

Breakfast sandwich

Here Are Some Foods No Nutritionist Would Ever Eat

June 27, 2018 By Amelia Donovan

Poppy flower

UN Warns of Surge in Opium-based Drugs and Cocaine Supply

June 27, 2018 By Amelia Donovan

U.S.-Canada border

French Jogger Detained 2 Weeks for Accidentally Crossing Border

June 26, 2018 By Amelia Donovan

Plus size model

Normalizing Plus Size Could Fuel Obesity Crisis (Study)

June 25, 2018 By Amelia Donovan

Giant manta ray

Unique Manta Ray Nursery Spotted off Texas Coast

June 23, 2018 By Amelia Donovan

The rainbow flag

WHO Scraps Transgenderism from List of Mental Illnesses

June 22, 2018 By Amelia Donovan

456 People Dead at U.K. Hospital after Taking too Many Painkillers

June 21, 2018 By Amelia Donovan

Kenyan girls dancing

Kenyans Facing Poor Nutrition as Supermarket Shopping Is on the Rise

June 20, 2018 By Amelia Donovan

Pages

  • About
  • Contact
  • Privacy Policy GDPR
  • Staff
  • Terms and Conditions

Recent Posts

  • Just 23% of Americans Are Working Out Enough in Their Spare Time
  • Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)
  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston
  • Here Are Some Foods No Nutritionist Would Ever Eat
  • UN Warns of Surge in Opium-based Drugs and Cocaine Supply
  • French Jogger Detained 2 Weeks for Accidentally Crossing Border
  • Normalizing Plus Size Could Fuel Obesity Crisis (Study)

Related Articles

  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston

    Jun 28, 2018
  • Fishing boat in the Atlantic Ocean

    U.S. Seafood Dealer Lied About Fish Being Caught in U.S.

    Jun 14, 2018
  • Tesla car on the road

    Tesla’s Autopilot Software To ‘Nag’ Drivers to Keep Hands on Wheel

    Jun 12, 2018
  • Mexico Slaps Tariffs on U.S. Steel, Pork, and Bourbon

    Jun 6, 2018
  • Dairy cows on a pasture

    Kentucky Milk Plant Closes after Losing Contract with Walmart

    Jun 4, 2018
  • Tesla founder Elon Musk

    Elon Musk Upset About Latest Tesla Crash Being ‘Front Page News’

    May 16, 2018
  • Orange juice bottles on Whole Foods shelves

    Amazon to Roll Out New Prime Perks for Whole Foods Shoppers

    May 2, 2018
  • U.S. Liquor Store

    Alcohol Sales on Sunday No Longer Banned in Indiana

    Mar 5, 2018
  • Bitcoin coins on 100-dollar bills

    Iran Unveils Its First National Cryptocurrency

    Feb 23, 2018
  • Transavia Airlines plane taking off

    Man on Plane who Wouldn’t Stop Farting Causes Emergency Landing

    Feb 19, 2018

Categories

  • Business
  • Entertainment
  • Health
  • National News
  • Nature
  • Provo
  • Salt Lake News
  • Science
  • Sports
  • State News
  • Tech & Science
  • Technology
  • Uncategorized
  • West Jordan
  • West Valley City
  • World

Copyright © 2022 utahpeoplespost.com

About · Privacy Policy · Terms of Use · Site Map · Contact