Nokia significantly increased its earnings but ended the year with a considerable loss
Nokia also today published its latest financial report. For the Finnish manufacturer ended the fourth quarter of 2016 financial year and the whole year.
Quarterly sales amounted to 6.6 billion euros, 84% more than a year ago. Operating profit decreased by 51% to 317 million euros. Profit rose 32% to 658 million euros.
Speaking on the annual results, revenue up 89% to 23.6 billion euros. But it was recorded an operating loss of 1.1 billion euros against an operating profit of 1.7 billion euros a year earlier. The loss amounted to 912 million euros against 1.2 billion in profit last year.
As before, the lion’s share of revenue is provided by the division of Nokia Networks, which for the year managed to increase revenue by 90%. But the division of Nokia Technologies for the year showed growth of only 3%.