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Sharp Q4 profit growth for Nokia

Finland's Nokia Thursday reported strong Q4 quarterly profits for its core network equipment business. 2014 was the first full year of operations for a "new" Nokia divested of mobile phone production.

Image: Vesa Moilanen / Lehtikuva

Nokia’s net sales in Q4 2014 were reported at 3.8 billion euros, compared to 3.5 billion in Q4 2013.

Nokia Networks achieved strong underlying operating profitability with IFRS-reported operating profit of 454 million euros, compared to EUR 274 million one year earlier, representing a 66% rise.

Full year operating profit results were 170 million euros. In 2013 operating profits stood at 518 million. Annual net sales were just over 12.7 billion, only marginally above 2013.

Nokia last year sold its former flagship phone business to Microsoft, leaving it with the network unit, navigation technology business and a smartphone patent portfolio.

Nokia's chief executive Rajeev Suri said the company was ready to take more steps to grow this year.            

"While 2014 was a year of reinvention, we see 2015 as a year of execution," Suri stated in Thursday's release. He added, "...we will not shy away from investing where we need to invest. But, we plan to always combine that with disciplined cost control and a focus on delivering ongoing productivity and quality improvements across the company.”

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