Nokia reports weak Q4 earnings, reshuffles board of directors

Next Story

This Is The T-Mobile Sidekick 4G

Nokia, the world’s largest mobile phone maker by volume, this morning reported another profit fall, its third in a row. Net earnings dropped 21 percent in the fourth quarter, from 948 million euros in the fourth quarter of 2009 to 745 million euros in Q4 2010.

Nokia said its estimated market share shrunk to 31 percent in the fourth quarter of last year, down from 35 percent a year before. The silver lining: market share actually went up one percent compared to the third quarter of 2010. Sales came in at 12.65 billion euros.

In a separate release, Nokia announced a reshuffle in its board of directors.

Two of its board members, Lalita Gupte and Keijo Suila to be more specific, will no longer be available. Gupte was first appointed to Nokia’s board in 2007 and has been a member of the Audit Committee during her entire directorship. Keijo Suila has been Nokia board member since 2006 and is currently also a member of the Personnel Committee.

Nokia’s Corporate Governance and Nomination Committee will propose to the Annual General Meeting that Jouko Karvinen (CEO of Stora Enso), Helge Lund (President and CEO of Statoil Group) and Kari Stadigh (Group CEO and President of Sampo) be elected as members of the Nokia Board of Directors for a term ending at the Annual General Meeting in 2012.

The Committee will also propose election of Nokia CEO Stephen Elop to its board for the same term. Nokia is struggling to compete with Apple’s iPhone and the abundance of Android smartphones on the global market, and Elop is said to gear up for outlining his long-term strategy plans at Nokia’s investor meeting on February 11.

Is a comeback in the cards, or will Nokia’s earnings continue to decline steadily? The company’s own outlook is bleak: Nokia predicts a further drop in profits for Q1 2011.

blog comments powered by Disqus