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Nokia Rings Up Big Sales, Profit

World's biggest cell phone maker says profit doubled in the second quarter as sales soared by 29 percent.
Last Trade:Change:
Industry:
Telecomm
Primary executive:
Olli-Pekka Kallasvuo,
Summary:
The Company is a manufacturer of mobile devices with services and software that enable people to experience music, navigation, … View More
Olli-Pekka Kallasvuo
Industry:
Telecomm
Biography:
Olli-Pekka Kallasvuo, President and CEO of Nokia Corporation. Group Executive Board member since 1990. Group Executive Board … View More

Aided by an insatiable appetite for cell phones in China and India, Nokia, the world's biggest cell phone maker, said it shipped more than 100 million units in the second quarter, a 29 percent increase from the same three months a year earlier.

The Espoo, Finland, company said its profit more than doubled, to 2.83 billion euros ($3.87 billion), or 72 cents a share. Revenue rose 28 percent, to 12.59 billion euros

The Asia-Pacific area, which includes China and India, led the sales boom, soaring 36 percent. But it also saw sales climb 28 percent in Europe. North American sales fell 21 percent.  

Despite the better-than-expected results, chief executive Olli-Pekka Kallasvuo said he would accelerate a plan to cut 9,000 jobs. He said the reductions, focused on the network-equipment division, would save about 1.5 billion euros a year.

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