News Burst: Nokia announces financial results

Annual and Q4 results in line with market expectations, but forecasts lower sales growth in early 2001

Finnish mobile phone company Nokia announced Tuesday an operating profit of 5.77bn euros (£3.62bn) for the year 2000, up 48 percent from 1999.

In the fourth quarter of 2000, Nokia's operating profit increased by 32 percent year on year to 1.726bn euros. Net sales grew by 46 percent in Q4, and 54 percent in the whole of 2000.

The figures were in line with market expectations.

However, the company was cautious in its forecasts for 2001. Nokia expects first quarter sales growth of 25-30 percent because of a slower market, and also expected Q1 earnings per share at the same level as Q1 2000 -- due to slower growth in the mobile handset market. Nokia chairman Jorma Ollila described the company's performance as "nothing short of extraordinary".

Nokia shares, up about two percent before it released its earnings report, swung wildly and later steadied at 37.95 euros, down 4.8 percent on the day.

Full story to follow.

Reuters contributed to this report

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