Nokia Corporation (NOK)

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Nokia Corporation (NOK)

Q4 2010 Earnings Call

January 27, 2010 8:00 am ET

Executives

Matt Shimao - Head of IR

Stephen Elop - President and CEO

Timo Ihamuotila - CFO

Analysts

Gareth Jenkins - UBS

Michael Walkley - Canaccord Genuity

Jeff Kvaal - Barclays Capital

Stuart Jeffrey - Nomura

Andrew Griffin - Bank of America

Mark Sue - RBC Capital Markets

Pierre Ferragu - Bernstein

Ittai Kidron - Oppenheimer

Zahid Hussein - Citi

Kulbinder Garcha - Credit Suisse

Rod Hall - JPMorgan

Tim Boddy - Goldman Sachs

Kai Korschelt - Deutsche Bank

Tim Long - Bank of Montreal

Edward Snyder - Charter Equity Research

Presentation

Operator

My name is Dennis and I will be your conference operator today. At this time, I would like to welcome everyone to the Nokia Fourth Quarter and Full Year 2010 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

I will now turn the call over to Mr. Matt Shimao, Head of Investor Relations. Sir, you may begin.

Matt Shimao

Welcome to Nokia's fourth quarter 2010 conference call. I am Matt Shimao, Head of Nokia Investor Relations; Stephen Elop, President and CEO of Nokia; and Timo Ihamuotila, CFO of Nokia are here in Espoo with me today.

During this call, we will be making forward-looking statements regarding the future business and financial performance of Nokia and its industry. These statements are predictions that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect. Factors that could cause such differences can be both, external such as general, economic and industry conditions as well as internal operating factors. We have identified these in more detail on pages 11 through 32 of our 2009 20-F and in our quarterly results press release issued today.

Please note that our quarterly results press release, the complete interim report with tables and the presentation on our website includes non-IFRS results information in addition to the reported results information, our complete interim report with tables available on our website includes a detailed explanation of the content of the non-IFRS information and a reconciliation between the non-IFRS and the reported information.

Two more quick things, in a separate press release today, our Board of Directors published notice of our 2011 Annual General Meeting of shareholders to be held on May 3rd. The notice of the meeting, full proposals and related instructions will be available on our website during the coming week.

Also we will be holding a strategy and financial briefing at the Intercontinental Hotel in London on February 11th. Information is available on our website. At that meeting, we will focus on our medium to long-term strategic and objectives. On this call, we will focus on our Q4 2010 results and expectation for our Q1 of this year. With that, Stephen, over to you.

Stephen Elop

I want to elaborate on what Matt just said and set expectations for today’s call and the investor event on the horizon. On today’s call, we will focus on the results and operational matters for Q4 and the guidance for Q1. I will also provide some insight into the approach by which we are evaluating Nokia’s longer term options. Then during our strategy and financial briefing on February 11th, we will provide a comprehensive update on the key decisions and changes relayed to Nokia’s strategy going forward.

Since our last earnings call, we have continued a very deep assessment of Nokia’s strengths and weaknesses all in the context of our rapidly changing market environment. Through this assessment, I have reinforced my belief in the value of Nokia’s gems and there are clearly some gems upon which we will build Nokia’s strategy.

Deliberately in no particular order these gems are first, we will build upon the passion and enthusiasm of people inside and around Nokia. This includes our dedicated Nokia team, but it also refers to our customers, literally hundreds of millions of people who have an affinity for the Nokia experience. Nokia is a brand that defines mobility in many regions of the world and is still strong today. We have shipped 5 million of our new Symbian devices in the fourth quarter, which sends a strong signal about our customer base.

Second, we will expand upon our channels' very broad and deep reach. This includes our strong operator relations, world-class customer care and an industry-leading distribution network, which is especially strong in emerging markets.

Third, we will embrace our strong hardware innovation and productization capabilities allowing us to differentiate from the low end to the high end and across a wide range of hardware components like cameras and advanced sensors. For example, customers worldwide are celebrating our recently released N8.

Fourth, we will advance our great software and services assets, which benefit hundreds of millions of our consumers across all market segments. This includes location-based services, localized services like Live Tools in emerging markets, and the Ovi Store which ramped quickly in Q4 to 4 million downloads per day.

Fifth, we will harness our demand/supply network, which helps us perform broad product customization. As a result, we can meet the needs of a wide range of cultures, languages and operator requirements, and with more than 10,000 patent families we will build upon our IPR portfolio, which is one of the most extensive portfolios in the world.

Nokia faces some very significant challenges. The game has changed from a battle of devices to a war of ecosystems and competitive ecosystems are gaining momentum and share. The emergence of ecosystems represents the broad convergence of the mobility, computing and services industries.

Read the rest of this transcript for free on seekingalpha.com