ADVFN - Advanced Financial Network.
HOME» NYSE » N » NOK Stock Price » NOK Stock News

Nokia Share News

 Nokia Corp. Stock Price
NOK Stock Price
 Nokia Corp. Stock Chart
NOK Stock Chart
 Nokia Corp. Stock News
NOK Stock News
 Nokia Corp. Company Information
NOK Company Information
 Nokia Corp. Stock Trades
NOK Stock Trades

STMicro Swings To 1Q Loss On Wireless Weakness

DOW JONES NEWSWIRES STMicroelectronics NV (STM, STM.MI) swung to a first-quarter loss as weaker sales to wireless customers continued to drag down its bottom line. STMicro has spent the last two quarters in the red, due partly to weaker computer sales, which offset growth from sales of automotive products. The company has also contended with poor results from ST-Ericsson, a joint venture with Telefon AB L.M. Ericsson (ERIC) that has struggled to turn a profit since its formation in 2009. Sales have suffered amid a shrinking market for cheaper low-end cellphones and problems with handset maker Nokia Corp. (NOK), one of its key customers. The wireless venture earlier Monday said it will transfer its application-processor research-and-development unit to STMicro as part of a new strategy to cut costs, reducing ST-Ericsson's total workforce by 1,700 employees, including those moving to STMicro. "While there are still macro-economic uncertainties, we believe billings have bottomed in the first quarter," Chief Executive Carlo Bozotti said of STMicro. "Bookings have improved across the board during the course of the first quarter." In the latest quarter, STMicro reported a loss of $176 million, or 20 cents a share, compared with a year-earlier profit of $170 million, or 19 cents a share. Excluding restructuring charges, tax effects and other adjustments, the company delivered a loss of 14 cents a share, down from a profit of 20 cents a share. Analysts expected a loss of 4 cents a share. Revenue dropped 20% to $2.02 billion, in line with the range of $1.97 billion to $2.1 billion the company predicted in January. Gross margin narrowed to 29.6% from 39.1%. The company earlier this month lowered its gross-margin guidance following an arbitration ruling that ordered the group to pay about $59 million to NXP Semiconductors Netherlands BV (NXPI). Sales to STMicro's digital end market fell 31% due to a steep drop in imaging revenue tied to some of its wireless customers. Revenue in the wireless column, which includes the contribution from ST-Ericsson, decreased 24%. Looking to the current quarter, STMicro said it expects its current-quarter revenue to grow between 4.3% and 10.5% sequentially, which would generate $2.11 billion to $2.23 billion of sales. Analysts polled by Thomson Reuters had projected a $2.17 billion top line. Shares were up 1 cent at $5.96 after hours Monday. Through the close, the stock had fallen 50% over the past year. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; [email protected]

Stock News for Nokia (NOK)
DateTimeHeadline
02/23/201708:01:39Nokia Solutions and Networks' tender offer for all issued and...
02/23/201703:01:09Nokia delivers 'anyhaul' end-to-end mobile transport portfolio...
02/22/201712:31:45Nokia commences offer to purchase outstanding notes for up to...
02/22/201709:01:35Nokia and AT&T first to successfully conduct 5G streaming tests...
02/22/201703:00:53Nokia software brings new levels of intelligence and automation...
02/21/201710:26:30Nokia and Intel launch 5G acceleration labs in US and Finland...
02/14/201703:01:16Nokia next generation fiber technology delivers high capacity...
02/13/201707:01:16Nokia lays key 5G foundation with world's first 5GTF connection
02/13/201703:05:30Nokia maximizes network speed and capacity on path to 5G with...
02/13/201703:02:52Nokia applies spectrum innovation to create private mobile networks...
02/10/201704:01:03Nokia and Three UK to deploy world's first next-generation cloud...
02/10/201703:14:08Nokia introduces worldwide IoT network grid as a service #MWC17
02/09/201702:03:24Nokia announces its intention to acquire Comptel to advance its...
02/09/201700:01:52Nokia and Energia Communications sign distributor agreement for...
02/07/201708:02:28Nokia, Alphabet's Access Group and Qualcomm showcase first live...
02/06/201703:01:29Nokia Cloud Packet Core provides converged access to drive ultra-broadband...
02/02/201701:08:36Nokia Board of Directors approves the Nokia Equity Program for...
02/02/201701:06:00Nokia Corporation Report for Q4 2016 and Full Year 2016
02/01/201702:01:52Nokia and Sky enhance on-demand video services in the UK
01/31/201703:03:47Enhanced Nokia IMPACT IoT Platform enables service providers...

Nokia and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US