Boston, MA 01/28/2014 (wallstreetpr) – Finnish device maker Nokia Corporation (ADR) (NYSE:NOK) saw sales tumble for its devices, largely its smartphones, even as Nokia’s recently ended fourth quarter saw mixed results with falling revenue offsetting earnings that surpassed Wall Street expectations.
Nokia’s 4Q Sales Revenue
Nokia’s recent spate of new devices targeted and launched for the recent holiday season saw declined sales with revenue from handsets falling 29% year-over-year to $3.5 billion during the fourth quarter, a flat 4.5% from its preceding quarter. Nokia Corporation (ADR) (NYSE:NOK) attributes the steep decline in sales to strong competition in the smartphone segment.
This is despite sales of Nokia’s Windows-based Lumia phones more than doubling in 2013 to 30 million from a mere 13.3 million sold in 2012. While this still fell short of expectations and considerably impacted the technology giant’s fourth quarter results in addition to the 50 million mark for smartphone sales set by Microsoft, sales of Nokia’s basic mobile phones, once the Finnish firm’s main breadwinner, fared much better and stayed flat in the fourth quarter compared with the third.
Nokia’s 4Q Financial Earnings Report Details
Despite the fact that Nokia Corporation (ADR) (NYSE:NOK) recently unveiled earnings report for its recently ended fourth quarter of 2013 saw its top line as well as bottom line beat analyst predictions, the device maker missed its revenue forecasts. Nokia, once the world’s numero uno of mobile handset technology before Samsung raced ahead, saw declining fourth-quarter performance in most of its portfolios. Net income for the quarter fell to approximately $248 million, or $0.06 a share, against the $402.4 million, or $0.08 a share seen for the corresponding FY2012 quarter.Net revenue for the quarter fell overall by 21% to roughly $4.7 billion, gaping wide of Wall Street expectations of approximately $6.98 billion. However, Nokia’s adjusted earnings per share, excluding special items, bettered the analyst estimates of $0.06 a share by clocking $0.10.
Meanwhile, Microsoft’s acquisition of Nokia is slated to complete during the current quarter. Nokia shares closed their January 27 trade 1% higher at 6.93 from their previous $6.86, while after-hours trading figures stayed around the closing.
