Nokia's profits drop 90% in Q1 2009

So, there's good news and bad news here, and we're opting to go against tradition by dishing out the positive first. Nokia just pushed out its Q1 2009 results, and while many firms have been struggling to stay afloat, at least it managed to turn a profit of €122 million ($160 million). That said, it's still looking at a staggering 90 percent drop in profits compared to its first quarter of 2008, where it raked in a mind-boggling €1.222 billion ($1.6 billion). Not surprisingly, sales were also down 27 percent to €9.28 billion ($12.2 billion) from €12.7 billion ($16.7 billion). Of course, Nokia's far from being alone in having to showcase less-than-beautiful Q1 numbers, but in reality, the damage could've been much worse; in fact, shares of the company's stock inched up by 8 percent following the reveal, as many had feared an even more significant decline. All in all, Nokia's still holding strong to a 37 percent market share worldwide, and if CEO Olli-Pekka Kallasvuo has anything to do with it (hint: he does), things should be on the up and up here soon.

[Via BBC]

[(Unverified) Posted Apr 16th 2009 9:49AM]

What's going on with those phones :O

[ran Posted Apr 17th 2009 5:31PM]

They are being "usage" tested, so they can withstand being used in the rain, etc.

[(Unverified) Posted Apr 16th 2009 10:10AM]

That's what happens when you don't release the Android phone I want.

[ran Posted Apr 17th 2009 5:32PM]

Nokia makes Symbian phones.

[(Unverified) Posted Apr 16th 2009 11:44AM]

This is what happens if you don't make good CDMA phones and dont make Nokia N phones for the US... Its all Nokias fault...

[(Unverified) Posted Apr 18th 2009 2:34AM]

No. That's what happens when you operate in a global market that is having some serious problems. History shows that when Nokia is having problems the competitiors are having even bigger problems.

[(Unverified) Posted Apr 16th 2009 6:30PM]

The biggest one gets the strongest spanking.
It's like when we were kids.

(I was the biggest one...)

[(Unverified) Posted Apr 16th 2009 9:11PM]

what is this for an phone show on the pic?

[(Unverified) Posted Apr 16th 2009 11:46PM]

thats the Nokia N79

[(Unverified) Posted Apr 17th 2009 12:04AM]

nokia's going no where but up with their decent and robust non-smart phones..

they need to opt a entirely new strategy with a completely revamped symbian and new hardware if they want to compete seriously instead of just upgrading their existing ones