Nokia reveals steep sales fall
The division’s fourth-quarter sales fell 22 per cent from a year earlier to €3.1 billion (£2.5bn) as it failed to make up for the completion of large-scale Asian projects and withdrawal from some low-margin businesses.
Meanwhile sales in the devices and services division, which it is selling to Microsoft for €5.4bn, fell 29 per cent to around €2.6 bn as it struggled with “competitive industry dynamics”.
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Hide AdNokia’s shares were down 10 per cent yesterday afternoon and analysts said much of the sell-off was due to worries about the network division which will account for around 90 per cent of sales after the Microsoft deal is completed later this quarter.