Nokia's Latin American devices and services sales rise 20% in Q4

Thursday, January 27, 2011

Nokia (NYSE: NOK) posted a 20% rise in net sales of its devices and services unit in Latin America in the fourth quarter 2010 to 715mn euros (US$983mn) compared with the same period the previous year, the company said in a statement.

Globally, devices and services net sales were up 4% year-on-year in Q4. Latin America was the fifth-largest geographic area - of Nokia's six regions - in terms of mobile device units, ahead only of North America, shipping 12.2mn devices, down 2% from 12.4mn a year ago.

Worldwide, nearly 124mn devices were shipped in the quarter, down 3% year-on-year. The Finnish company attributed the drop to the intense competitive environment, as well as certain component shortages and a number of supply and logistics challenges.

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The company's infrastructure joint venture Nokia Siemens Networks saw a 7% increase in net sales in Latin America to 469mn euros in Q4, while globally sales rose 9% to 3.96bn euros.

Global net sales were up 6% year-on-year in Q4 to 12.7bn euros. Net profit was 745mn euros, down compared with 948mn euros in the same period a year ago.

Nokia CEO Stephen Elop commented: "Nokia faces some significant challenges in our competitiveness and our execution. In short, the industry changed, and now it's time for Nokia to change faster."

To read the full income statement, go to this link