Nokia gets new CEO and turns profitable

Nokia gets new CEO and turns profitable

Finnish electronics manufacturer Nokia has a new CEO in Rajeev Suri, who will succeed Stephen Elop. Elop has moved to Microsoft after the smartphone division was sold to the American software giant.

"Intelligent connection"

Rajeev Suri (46) is a familiar face within Nokia's ranks, as he was the head of Nokia Solutions and Networks, the largest division within the company, but from 1 May onwards, he will become Nokia's CEO.

 

A video speech on Nokia's homepage explains that Suri wants Nokia to focus entirely on location services and NSN's network technology: "The coming changes in technology will be as profound as the creation of the internet. We are rapidly approaching a world where everybody and everything will be connected. At Nokia, we see our role in that world as providing intelligent connections, starting with networks but going well beyond that, with location intelligence and much more."

 

In the red

Nokia has also revealed its quarterly results, with a turnover of 2.7 billion euro, 15 % less than a year ago, but the group has reached profitability again. Operational profit reached 242 million euro, while it had to take a 30 million euro operational loss last year.

 

The network division brings in the bulk of the total turnover, namely 2.3 billion euro (- 17 %). The digital cards division, HERE, reached 209 million euro, 7 million less than the year before. Technologies, the division that researches license-able technologies, managed 131 million euro in turnover. 

 

Nokia's smartphone division, sold to Microsoft, managed a final turnover of 1.9 billion euro, 30 % lower than one year ago. The Finnish company did manage to improve Lumia and other smartphone sales, but not sufficiently to bring the division back to profitability. Microsoft has its work cut out...

 

Questions or comments? Please feel free to contact the editors


Twelve-year sentence for Samsung's vice-president?

07/08/2017

Prosecutors in the Samsung corruption case have demanded a 12-year sentence for its former vice-president and de facto CEO of the South Korean company at the time, Jay Y. Lee, who has been charged with bribery and embezzlement.

Apple sales drop smaller than expected

02/08/2017

Apple has sold more iPhones in the third quarter of its fiscal year than it did last year, which was a surprisingly more positive feat than analysts had expected. Compared to the second quarter, there was further decline though.

Ceconomy (Media Markt) acquires quarter of Fnac Darty

26/07/2017

Ceconomy, Metro Group’s former consumer electronics division containing Media Markt and Saturn, acquired 24.3 % of Fnac Darty’s shares from the Pinault family.

 Blokker adds household appliance specialist AO.nl to Nextail

21/07/2017

Blokker Holding’s online organization, Nextail, will enter a strategic collaboration with online household appliance specialist AO.nl’s Dutch division.

Duo will lead Fnac Darty

17/07/2017

The Fnac Darty group is preparing for life after Alexandre Bompard, since its current CEO will start working for Carrefour tomorrow. He may actually be succeeded by a duo.

Samsung's new flagship yields record profit

07/07/2017

Korean technology company Samsung published record results for its past quarter thanks to its successful Galaxy S8 launch. The flagship product and an increased chip demand helped the company soar.

Back to top