Nokia Profits Almost Double Analysts' Estimates
Nokia Profits Almost Double Analysts'
Estimates
Nokia Oyj released its first-quarter results Thursday, posting better-than-expected profits, and announced it would cut spending at its mobile phone division by $1.5 billion as it seeks to regain lost ground in the sector through a new partnership with Microsoft. The company's net income for the three months ended March 31st was $501 million, almost doubling the consensus estimate of $258 million, on average projected by analysts in a recent Bloomberg News survey.
Nokia's handset revenue, meanwhile, rose 6.4 percent in the quarter to $10.3 billion, lagging behind Apple, who reported iPhone sales in the quarter of $12.3 billion. Nokia, whose smartphones operate on its own Symbian OS, has struggled to compete with iPhone and devices running Google's Android OS, inked a deal with Microsoft to begin using its Windows Phone 7 OS in some of its smartphones.
Nokia Oyj released its first-quarter results Thursday, posting better-than-expected profits, and announced it would cut spending at its mobile phone division by $1.5 billion as it seeks to regain lost ground in the sector through a new partnership with Microsoft. The company's net income for the three months ended March 31st was $501 million, almost doubling the consensus estimate of $258 million, on average projected by analysts in a recent Bloomberg News survey.
Nokia's handset revenue, meanwhile, rose 6.4 percent in the quarter to $10.3 billion, lagging behind Apple, who reported iPhone sales in the quarter of $12.3 billion. Nokia, whose smartphones operate on its own Symbian OS, has struggled to compete with iPhone and devices running Google's Android OS, inked a deal with Microsoft to begin using its Windows Phone 7 OS in some of its smartphones.
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