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Friday, July 25, 2014

Quarterly figures from Nokia Corporation reveal bigger cash pot after Microsoft deal

Nokia Corporation has published interim financial results for the second quarter of 2014.

It covers the period in which Nokia sold most of its Devices & Services business to Microsoft, with much of the €5 billion cash from the proceeds making its way into the Q2 figures. As a result, Nokia ended the quarter with gross cash of €9.0 billion and net cash of €6.5 billion (compared to €6.9 billion and €2.1 billion respectively at the end of the previous quarter).

There are now three major parts to Nokia:

  • Nokia Networks, previously known as NSN;
  • HERE, the company’s location and mapping business; and
  • Nokia Technologies, which looks after patent licensing.

Overall profit was €2.51 billion (£1.99 billion), a significant improvement from the loss in Q2 last year. Net sales were €2.94 billion (£2.33 billion), down 7% year-on-year.

Rajeev Suri, Nokia’s President and CEO, said “Nokia's second quarter performance shows the strength of the company today. This performance, along with the many conversations I have had with customers, partners, employees and others in my first quarter as CEO, gives me a high degree of confidence about our future.”

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Author: The Fonecast
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