Nokia, the world’s largest mobile phone maker, has reported a 90% fall in profits for the first quarter of 2009.
The company said net profits sank to 122m euros ($160m; £108m) in the quarter, down from 1.2bn euros in the same period a year ago.
Sales were down by 27% to 9,28bn euros in the quarter from 12.7bn euros a year ago, Nokia said.
Last month, the company announced plans to shed 1,700 jobs worldwide as part of a major cost-cutting drive.
‘Tough environment’
Financial analysts said the results were not as bad as some had feared and Nokia’s share price rose 8%.
“Basically, the story to take away is it’s still been a very challenging quarter, but at least things didn’t get any worse, and I think that’s a good story,” said Caroline Milanesi an analyst at Gartner.
Its share of the global handset market was 37%, down from 39% in the same quarter a year ago, but stable from the fourth quarter.
“In what has been an exceptionally tough environment, we continue to invest in a focused manner in consumer internet services delivered across our broad portfolio of mobile devices,” chief executive Olli-Pekka Kallasvuo said.
“Combined these solutions will drive our future growth,” he added.
@via BBC
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