Microsoft had a perfectly fine quarter in mobile, moving 10.5 million Lumia handsets, but guess which company found even bigger success. Nokia recorded a massive increase in profits.
The company reported €3.8 billion in revenue in the fourth quarter of the year to go with €470 million in net profit, which should provide it with enough capital to reinvest in networking and mapping technologies, two of its main areas of interest after selling its devices unit to Microsoft.
Networking sales were up by 10% since last quarter, with growing interest in the North America market. And of course, the company maintained its strong portfolio of patents throughout 2014.
This is what CEO Rajeev Suri said about Nokia returning to profitability:
“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.”
The Nokia HERE service found particular success after making a deal with Chinese internet giant Baidu to provide mapping technology to people in the country when on holiday.
After removing its sinking hardware division, the company is now preparing to invest in other technologies and markets in 2015 — though Nokia is still mum on the prospects of launching mobile devices. The N1 tablets has already been unveiled, but the company is quiet on smartphones.
For now, at least.