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.

  • http://jetlib.com/news/2011/01/27/nokia-reports-weak-q4-earnings-reshuffles-board-of-directors/ Nokia Reports Weak Q4 Earnings, Reshuffles Board Of Directors | JetLib News

    […] Read the rest of this entry » […]

  • http://twitter.com/thewebtricks jaganmangat

    Bad News Nokia………..

  • http://topsy.com/eu.techcrunch.com/2011/01/27/nokia-reports-weak-quarter-earnings-reshuffles-board-of-directors/?utm_source=pingback&utm_campaign=L2 Tweets that mention Nokia reports weak quarter earnings, reshuffles board of directors -- Topsy.com

    […] This post was mentioned on Twitter by EMETECHLONDON, Katy Geek, European Innovation, Mamun Ahmed, UK Tech News and others. UK Tech News said: [TechCrunch UK] Nokia reports weak quarter earnings, reshuffles board of directors http://bit.ly/g2uS8Y […]

  • Santanablank

    Time to move on, Nok. MLM maybe?

  • Paul

    Unless Nokia accepts its defeat & moves on to adopt Android, it will be doomed.

    • http://twitter.com/cn Charl Norman

      agreed!

    • Anonymous

      Even adopting WP7 would be an improvement over Symbian. The OS is only part of it – Nokia needs the ecosystems that come with Android or WP7. They can’t go it alone with Symbian.

      Nokia could also benefit from some new industrial design. Their SmartPhones are highly functional (love the cameras) but the form factors are butt-ugly.

      In other words – back to the drawing board for Nokia. New hardware and software.

    • Anonymous

      Even adopting WP7 would be an improvement over Symbian. The OS is only part of it – Nokia needs the ecosystems that come with Android or WP7. They can’t go it alone with Symbian.

      Nokia could also benefit from some new industrial design. Their SmartPhones are highly functional (love the cameras) but the form factors are butt-ugly.

      In other words – back to the drawing board for Nokia. New hardware and software.

    • Mrnebu

      agreed!

      nokia missed their chance, they dominated the cell phone market but didnt think ahead and got busted!

      nokia is dead, there was innovation missing in the past 15 years..

    • http://twitter.com/usemeego meegouser

      -Accept defeat? They still have the largest market share and they’re about to launch MeeGo.

      LG,SE,Moto all went Android and they’re all on life support.

      Cheap Chinese brands will dominate Android. The rest are just peeing to stay warm. Look at LG, profit down over 90%!

  • http://twitter.com/usemeego meegouser

    Over 5million Symbian^3 devices were sold. That’s a huge chunk for a new OS.

    • Anonymous

      maybe.. It really depends on which segment of the market they were install on. If they were all high end phones then yes, it aint to shabby. If they already had to start moving down market to move the units, then no.

      The big issue for Nokia, and really everyone else, is they are going to have a hard time keeping up with the development pace of Google

      • Anonymous

        “The big issue for Nokia, and really everyone else, is they are going to have a hard time keeping up with the development pace of Google”

        You think so? Not me. In case you hadn’t noticed, Google is following the market, not leading it. And the fragmentation of the Android device market is going to cause increasing hassle when it comes to upgrades. Look at all the devices that are still on 1.6 and 2.1 with no compatible upgrade!

      • http://twitter.com/usemeego meegouser

        -The Nokia N8 was the only Symbian^3 device out really in Q4. Remember the phone Gizmodo refused to Review? Yeah, that one. It sold over 5 million with zero presence on a US carrier.

        I still wonder why US carriers are blocking Nokia’s good phones from entering the US market.

    • Anonymous

      maybe.. It really depends on which segment of the market they were install on. If they were all high end phones then yes, it aint to shabby. If they already had to start moving down market to move the units, then no.

      The big issue for Nokia, and really everyone else, is they are going to have a hard time keeping up with the development pace of Google

  • http://quickrecipesonsymbianos.blogspot.com/ michael aubert

    Well, I guess that is one way to redact out the fact that nokia sold more symbian phones during that quarter than apple did iphones.

  • http://quickrecipesonsymbianos.blogspot.com/ michael aubert

    Well, I guess that is one way to redact out the fact that nokia sold more symbian phones during that quarter than apple did iphones.

    • http://twitter.com/usemeego meegouser

      -Or that the new N8 sold more than all Galaxy S versions combined.

    • http://twitter.com/dotsid Sid

      Does it really matter how many devices they have sold? Bottom line it comes down to revenue and Nokia’s profit is going in one direction and that is down. They need to rethink their entire growth strategy.

      • Anonymous

        Exactly. If you’re in a plane hurtling towards the ground, it’s little comfort to know that some of the planes just taking off are closer to the ground than you are.

  • Mrnebu

    nokia dies! they are just so big, they do it slowly..

  • http://www.psfk.com/2011/01/kfc-rules-in-china-facebook-launches-group-buying-prototype-business-headlines.html PSFK » KFC Rules In China & Facebook Launches Group-Buying Prototype [Business Headlines]

    […] Nokia reports weak Q4 earnings, reshuffles board of directors […]

  • http://twitter.com/TopTomy Tom .Y.

    Nokia isn’t dead, and it will not die.
    Lately Nokia came out with great devices such as N8, E7 …

    I think their situation will get better soon.

    • http://twitter.com/dotsid Sid

      Are kidding me? Nokia has no sense of style or what consumers want. Not everything is about having the widest range of features or producing hundreds of device that nobody likes yet priced competitively with the iPhone or HTC phones. I think the people behind Nokia’s growth strategy need to be sacked asap.

  • http://www.piehole.co.uk/ Piehole Voices

    This so obvious – I believe, iphone has the looks and the image. It’s “Apple” and once somebody gets it, they become sort of “addicted”. Nokia has great technology, functions etc. – but who cares about battery life, really?

  • Guest

    Interestingly, they again sold way more phones than in the same quarter last year, and sold over 10 million more smartphones than iPhones sold.

  • http://paulsparrows.wordpress.com/2011/02/06/matrimonio-con-il-morto/ Matrimonio Con Il Morto « Paolo Passeri's weblog

    […] un mercato dove l’Androide, la Mela e il Lampone oramai la fanno da padroni (con conseguente calo continuo dei […]

  • http://jetlib.com/news/2011/02/10/nokia-confirms-microsoft-partnership-new-leadership-team/ Nokia Confirms Microsoft Partnership, New Leadership Team | JetLib News

    […] the company recently reported its fourth-quarter earnings, Nokia said its estimated market share had shrunk to 31 percent. Is a comeback in the […]

  • http://brettmbell.com/2011/02/11/nokia-confirms-microsoft-partnership-new-leadership-team-organizational-changes/ Nokia Confirms Microsoft Partnership, New Leadership Team, Organizational Changes | BrettMBell.com

    […] the company recently reported its fourth-quarter earnings, Nokia said its estimated market share had shrunk to 31 […]

  • http://jp.techcrunch.com/archives/20110210nokia-confirms-microsoft-partnership-new-leadership-team/ NokiaがMicrosoftとの提携を確認, Windows PoneをメインのOSにし, 大規模機構改革も

    […] 同社が最近出した第四四半期の決算報告では、推定市場占有率が31%に減少した、としている。 […]

  • http://www.doseofme.com/2011/02/11/nokia-confirms-microsoft-partnership/ Dose of Me » Nokia Confirms Microsoft Partnership

    […] the company recently reported its fourth-quarter earnings, Nokia said its estimated market share had shrunk to 31 […]

  • http://technology-global.net/2011/02/nokia-confirms-microsoft-partnership-new-leadership-team-organizational-changes/ Technology Global » Nokia Confirms Microsoft Partnership, New Leadership Team, Organizational Changes

    […] the company recently reported its fourth-quarter earnings, Nokia said its estimated market share had shrunk […]

  • http://www.snugbabyshop.co.uk Noelle Leahy

    I recently changed from Sony Erikson to Nokia – big mistake! Next phone will def. be Sony Erikson again.

  • http://www.macsoftware.com/news/nokia%e2%80%99s-q1-2011-profit-declines-sales-increase/ Nokia’s Q1 2011: Profit Declines, Sales Increase – MacSoftware

    […] results.Nokia, until further notice still the world’s largest maker of mobile phones, reported a (predicted) 1.4 percent decline in profit, albeit beating estimates. Net income was 344 million euros ($ 503 […]

  • http://bsdbackl.wordpress.com/2011/04/21/nokias-q1-2011-profit-declines-sales-increase/ Nokia's Q1 2011: Profit Declines, Sales Increase | bsdbackl

    […] until further notice still the world's largest maker of mobile phones, reported a (predicted) 1.4 percent decline in profit, albeit beating analyst […]

  • http://www.technotree.org/nokia%e2%80%99s-q1-2011-profit-declines-sales-increase/ Nokia’s Q1 2011: Profit Declines, Sales Increase

    […] until further notice still the world’s largest maker of mobile phones, reported a (predicted) 1.4 percent decline in profit, albeit beating analyst […]

  • http://www.bitmag.com/2011/04/21/nokia%e2%80%99s-q1-2011-profit-declines-sales-increase/ Nokia’s Q1 2011: Profit Declines, Sales Increase | Bitmag

    […] until further notice still the world’s largest maker of mobile phones, reported a (predicted) 1.4 percent decline in profit, albeit beating analyst […]

  • http://www.qibug.com/2011/04/nokia%e2%80%99s-q1-2011-profit-declines-sales-increase/ Nokia’s Q1 2011: Profit Declines, Sales Increase | Tech stuff center

    […] until further notice still the world’s largest maker of mobile phones, reported a (predicted) 1.4 percent decline in profit, albeit beating analyst […]

blog comments powered by Disqus