Nokia Corp.(NOK), the world’s largest cell phone maker, on Thursday reported a jaw-dropping profit loss – the company’s net income fell 90 percent during the first quarter of 2009 because of competition and the recession.
Nokia’s profit plunged to €122 million, or approximately $161 million, from €1.22 billion during the same period a year ago. Analysts had predicted Nokia would bring in €306 million.
Sales, meanwhile, also fell, to €9.27 billion, down from €12.66 billion in the first quarter of 2008. Again, analysts had expected higher numbers – they’d forecast Nokia’s revenue to reach €9.80 billion this time around.
But the global economic crisis and tougher competition from rivals kept sales and profits down, Nokia executives said.
