Telecom & Wireless
Nokia (NOK) Sales Crater, Handset Industries Shudders
Published:
Last Updated:
It won’t be a nice day to go to work at Motorola (MOT), Samsung, or Sony Ericsson. Their larger competitor, Nokia (NOK) said it sold 19% fewer phones in the first quarter than it did in the same period a year ago. Total units shipped dropped to 93.2 million.
The company said first-quarter net income fell 82% to 122 million euros. Revenue collapsed 27% to 9.3 billion euros.
While companies like Motorola (MOT) will suffer because of the trend of falling handset sales across the globe that Nokia is signaling, the questions is whether it will spread to the smartphone businesses, particularly Apple (AAPL) and RIM (RIM). While Nokia’s line up of handsets is not weighted heavily with smartphones because it has 40% of the global mobile phone market, it is a reasonable proxy for both the high end and the low end of the industry.
There has been a great deal of concern about whether the iPhone, Blackberry, and new Palm (PALM) Pre can keep strong sales momentum through the year. Now, it looks like that may be a problem.
Douglas A. McIntyre
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.