Nokia confident on Q4 results

By : |December 7, 2001 0

NEW YORK: Mobile telephone maker Nokia was confident that the company’s
fourth-quarter results will meet its prior guidance for both revenue and profit,
its chief executive said in an interview broadcast on Friday.

Jorma Ollila, the Finnish company’s chairman and CEO, said in a CNBC
television interview recorded on November 27 but broadcast on Friday, December
7, that Nokia would safely see revenues grow around 25 per cent and earnings
meet forecasts.

In October, Nokia had said it expected profits of 18 euros to 20 euros per
share for the current fourth quarter, down from 25 euros in the fourth-quarter
of 2000, but still well ahead of loss-making rivals such as Sweden’s Ericsson.

In the interview recorded nearly two weeks ago, Ollila told CNBC’s Maria
Bartiromo that there was little danger that the company would fall short, either
on revenues or earnings.

"We are pretty safe on both scores — perhaps even particularly strong
on the earnings," Ollila said in response to a question about what the
executive said would be the company’s message to investors during a
"business update" set for Dec. 11.

Ollila said that he expected a "strong quarter" during the current
period. "We are doing very well against the market with some very
interesting products coming onstream and we will be taking share quite
significantly during the quarter," he said.

Nokia plans to spell out details of its fourth-quarter finances during a
scheduled "mid-quarter" update next Tuesday. Nokia’s fourth-quarter
ends December 31. The CNBC interview took place at the mobile market leader’s
annual analyst briefing in New York on Tuesday, Nov. 27.

In the latter meeting, Nokia focused on its product plans, industry
competition and longer-term growth outlook. But it also scaled back its forecast
for industry-wide mobile phone sales by 10 million unit to 380 million phones
for the fourth quarter. In response, its stock lost 6 per cent but has since

Shares of Nokia closed at 27.91 euros in trading on the Helsinki stock market
on Friday, off 0.44 euro. It ended the day in New York trading at $24.60, down
32 cents or 1.28 per cent. The stock has nearly doubled off recent lows hit
before Sept. 11.

(C) Reuters Limited.

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