Apr. 29, 2014, 3:02 AM
- As expected, Nokia (NOK) has appointed networks boss Rajeev Suri as CEO, and the company said it plans to return over €3.1B ($4.15B) to shareholders using the cash from the sale of its handset business to Microsoft.
- The firm also said that excluding the operations sold to Microsoft, it swung to a net profit of €108M from a loss of €98M a year earlier. Sales tumbled 15% to €2.66B and missed consensus of €2.85B. Revenue at the network unit dropped 17% to €2.33B, hurt by lower services sales, currency fluctuations and divestments. (PR)
- Suri will replace Nokia Chairman Risto Siilasmaa, who has served as interim CEO since the announcement of the Microsoft deal in September. As head of Nokia Solutions & Networks, Suri is credited with returning it to profitability.
- Nokia intends to pay dividends of €1.8B, comprised of at least €800M in ordinary dividends for 2013 and 2014 of €0.11 a share and possibly more for this year, and a €1B special dividend of €0.26 a share. The company intends to repurchase €1.25B in shares over two years as well.
- Nokia will cut interest-bearing debt by €2B by 2016 as part of a plan to get back its investment-grade credit rating. The plan should save €100M a year in interest. (PR)
Jan. 24, 2013, 6:19 AM
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Nokia Oyj is a mobile communications company. The Company has three business: Networks, HERE, and Technologies and four business segments: mobile Broadband and Global Services within Networks, HERE, and Technologies.
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