The world's top mobile phone maker Nokia said today that its fourth-quarter profits plunged 21%, but still beat analyst expectations, while its annual result was up somewhat.
For the months between October and December, the company posted a net profit of €745m, down from €948m a year earlier. Sales were up 6% at €12.65 billion.
'Growth trends in the mobile devices market continue to be encouraging,' chief executive Stephen Elop said in the earnings report. But he acknowledged that 'Nokia faces some significant challenges in our competitiveness and our execution.'
The fourth quarter result nonetheless beat the expectations of analysts, who had expected a 45% drop in net profits to €526m and only a 3% hike in sales to €12.35 billion.
Nokia said it posted a net profit for the year of €1.85 billion, up from €891m a year earlier. The company also said it had lost market share during the year, falling to 32% of the global market in 2010 from 34% a year earlier.
