Nokia (NYSE: NOK) has announced both its full year and fourth quarter financials for 2010.
In Q4 2010, net sales were 12.7 billion ($17.4 billion), up 6 percent year on year.
However, operating profit was 1.1 billion ($1.5 billion), down 26 percent year on year.
As expected, Nokia's Devices & Services division was the key sales driver, up 4 percent year on year to 8.5 billion ($11.6 billion).
As in the two preceding quarters, profitability within the division fell, down 24 percent to 961 million ($1.3 billion) year on year.
Rising reserves
Said figures relate to non-IFRS results, which exclude special items, making yearly and quarterly comparisons more meaningful.
Under alternative accounting principles, Nokia's standard reported operating profit was 884 million ($1.2 billion), down 23 percent from 1.1 billion ($1.6 billion) a year ago.
Nokia operating cash flow was 2.4 billion ($3.3 billion), and it ended the quarter with total cash and other liquid assets of 12.2 billion ($16.7 billion), compared to a total of 10.2 billion ($14 billion) three months previous.
A year of ups and downs
Full year financials for 2010 paint a similar picture, with net sales up 4 percent to 42.5 billion ($58.1 billion) but operating profit down 9 percent to 3.2 billion ($4.4 billion).
As within Q4 2010, Nokia's Device & Services division saw sales rise 5 percent to 29.1 billion.
While previous quarters have shown Nokia's hand in the smartphone market slipped, Q4 2010 saw its worldwide share stabilise at 31 percent.
Yearly mobile shipments hit 452.9 million in 2010, with sales of its smartphones up 48 percent to 100.3 million.
Time to change
Falling profits, however, never make good reading, and Nokia has warned 2011 could start in sticky fashion for the Finnish firm.
However, CEO Stephen Elop said the company is now in a position to react to a shifting mobile market.
"In Q4 we delivered solid performance across all three of our businesses, and generated outstanding cash flow. Additionally, growth trends in the mobile devices market continue to be encouraging," he said.
"Yet, Nokia faces some significant challenges in our competitiveness and our execution. In short, the industry changed, and now it's time for Nokia to change faster."
[source: Nokia]
News
With a fine eye for detail, Keith Andrew is fuelled by strong coffee, Kylie Minogue and the shapely curve of a san serif font.
Top Stories
News
27 minutes ago
Q1 2024 saw $2.4 billion in games industry investments, while M&As are up for the first time since 2022
News
2 hours, 48 minutes ago
Apple's AI plans trigger $110 billion stock buyback despite declining sales
Events
GameDev Atlantic 2024 | May 4th | |
LA Games Conference 2024 | North America | May 6th |
Mobidictum Meetup Berlin May 2024 | Europe | May 7th |
Valencia Indie Summit 2024 | Europe | May 16th |
Mobidictum Meetup Tallinn May 2024 | Europe | May 21st |
Israel Mobile Summit 2024 | Middle East | Jun 6th |
WN Conference Istanbul 2024 | Jun 11th | |
DevGAMM Vilnius 2024 | Europe | Jun 14th |