Tweet
Nokia's headquarters in Espoo, Finland.(Credit:Nokia)
Buffeted by ever more intense competition in the mobile phone market, Nokia saw its earnings fall for the final quarter of 2010.
Net profit for the quarter ended December 31 declined 21 percent to 745 million euros ($1.02 billion), compared with 950 million euros in the year-ago quarter. Sales, though, were on the upswing, reaching 12.6 billion euros ($17.2 billion), a gain of 6 percent from 2009's final quarter.
Nokia attributed the downturn to the heated competition in the mobile phone market as well as various component shortages and challenges meeting supply and demand. The company has been facing a rough climate in the high-end smartphone market as it sheds share to rival players such as Apple and Samsung. But it's also been losing out on the low end to mobile phone makers in China and other emerging countries.
For the quarter, Nokia said that its global slice of the mobile phone market dropped to 31 percent, a decline from its 35 percent share in 2009's fourth quarter but a slight gain from a 30 percent share in the third quarter of 2010.
Powered By WizardRSS