Earnings: Nokia 4Q Profits Up Overall, But Sees Slump In North America

Nokia (Nasdaq: NOK) said Thursday that its profits jumped 19 percent on growing sales in the fourth quarter, thanks to strength in the Latin American market. Net profit came to $1.65 billion and quarterly sales increased 13 percent to $15.22 billion. The Finnish company said it expects the global market for mobile phones to grow 10 percent in 2007 to 978 million handsets. Nokia saw its strongest growth in Latin America, while sales slumped in North America, partly due to the scale-back of Nokia’s CDMA unit. Nokia said it is moving away from the CDMA standard, used in the United States by Verizon Wireless and Sprint Nextel Corp., to focus on GSM, or Global System for Mobile communications, which is used in most parts of the world. Earnings Release | Webcast

Comments have been disabled for this post