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Nokia Posts Lower Earnings, but Foresees Increase in Mobile Phone Sales.
Byline: Andrea Ahles
Oct. 20--Nokia, the leading mobile phone maker, reported lower earnings in the third quarter but said mobile phone sales should rise sharply next quarter.
The Finnish company expects handset sales for the fourth quarter to be 25 percent higher than the 94 million units sold this quarter. It estimates that about 390 million phones will be sold in 2001.
Shares of Nokia rose $1.32, to $20.10, on Friday.
Nokia said it had earnings of $167 million, or 4 cents a share, compared with $801 million, or 17 cents a share, in the same period last year. Revenues were down 7 percent to $6.33 billion compared with $6.81 billion in the third quarter of 2000.
"While the market environment has had an inevitable impact on Nokia's topline growth, we have continued to translate our core strengths of strong brand, excellence in execution and winning products into profitable results," Nokia Chief Executive Jorma Ollila said.
Excluding one-time items, Nokia reported a profit of $683 million, or 14 cents a share, beating analysts' earnings expectations of 13 cents a share, according to First Call.
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