Things are finally looking up for Nokia, with the Finnish company’s fourth-quarter fiscal report showing that it is back in the black.
Nokia brought in €8.04 billion (£6.8 billion) in total revenue, with €439 million (£369.4 million) in profit to brag about. That represents a massive leap from the previous quarter’s $754 million (£476.3 million) loss and the $1.2 billion (£760 million) loss it absorbed during the same time last year.
The company moved 4.4 million Lumia handsets during the quarter, but its Nokia Siemens Network division is to thank for the bulk of the revenue.
Despite the positive news of a return to profitability, Nokia is holding off on paying shareholder dividends as it hopes to strengthen its cash position. The company entered 2012 with just €5.58 billion (£4.7 million) in the bank and ended the year with a €2.3 billion (£1.9 billion) operating loss.
“We are very encouraged that our team’s execution against our business strategy has started to translate into financial results. Most notably we are pleased that Nokia Group reached underlying operating profitability in the fourth quarter and for the full year 2012,” said Nokia chief executive Stephen Elop.
“We remain focused on moving through our transition, which includes continuing to improve our product competitiveness, accelerate the way we operate and manage our costs effectively. All of these efforts are aimed at improving our financial performance and delivering more value to our shareholders,” he added.