Nokia profit falls 20 percent on price cuts
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Nokia Corp. reported a 20 percent decline in net profit for the third quarter on Thursday, due largely to cuts it made in the prices for its mobile phones. The Finnish handset manufacturer predicted that earnings would fall again in the fourth quarter.
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Despite falling prices, Nokia squeezes out profits on sales of 106 million handsets in the fourth quarter of 2006.
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Wireless technology company Motorola Inc. said Thursday its profit plunged 94 percent in the third quarter, as sales fell substantially in its cell phone business and it narrowly averted a third straight quarterly loss.
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com. AT&amp;T Wireless announced a drop in sales and profits, as it moved closer to its planned acquisition by Cingular Wireless. The firm earned $117 million on revenues of $4.
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SEOUL LG.Philips LCD said Monday that third-quarter net profit fell 15 percent as prices for flat screens for televisions and computers declined.
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Mobile phone maker Sony Ericsson today reported that it had more than trebled third quarter pre-tax profits, but the market leader, Nokia, reported a 20% fall.
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Japan's top mobile phone carrier, NTT DoCoMo, said Friday its profit fell 15 percent in most recent quarter because of growing promotional costs and discounts that were needed to compete with rival carriers.
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Pharmaceutical wholesaler McKesson  Corp  reported on Thursday that its quarterly profit  fell 17 percent as results were hit by charges and lower profit  margins on generic drugs.
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Nokia said on Thursday that its third-quarter profit was higher than many analysts had forecast, but still a fifth lower than a year ago.
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Sony Corp. on Thursday cut its operating  profit estimate for this business year by 31 percent, citing  sharply falling prices of televisions, DVD recorders and other  key products and weak demand for chips.
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Nokia, the world's leading maker of mobile phones, has said it would shed some 700 jobs, with Finland taking the brunt of the cuts.
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BusinessWeek Online - The Finnish cell phone heavyweight Nokia  said Nov. 28 that it's expecting lower profit margins during the coming years as it starts up a new joint venture with Germany's Siemens . But Nokia is also victim to global trends affecting other cell phone companies.
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German phone giant Deutsche Telekom sees annual profits fall, following tough competition and lower prices.
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Nokia, the world's largest mobile phone maker, said it would cut costs in its Multimedia Business Group by shedding workers in the division's research and development department.
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Nokia, the world's biggest mobile phone manufacturer, has posted stronger-than-expected earnings with a 43-percent jump in net profits and 22-percent rise in sales, but saw its market share dip slightly.
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Rupert Murdochâs media company said quarterly profit fell 24 percent from a year earlier, when it had a one-time gain from asset sales.
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Analysts at IDC predict annual growth in mobile phone sales will drop below 10 percent this year, casting doubt on Nokia's more upbeat outlook for 2008.