Business Irish

Sunday 25 June 2017

Revenues at Nokia continue to slide

Nokia has failed to compete with Apple and Samsung in the Smartphone arena. Photo: Reuters
Nokia has failed to compete with Apple and Samsung in the Smartphone arena. Photo: Reuters

Gordon Deegan

Revenues at the Irish arm of mobile phone firm, Nokia are less than one tenth of what they were seven years ago.

Underlining the drastic change in fortunes for the once global giant, new accounts show that revenues at Nokia (Ireland) Ltd continued their downward spiral last year to €24m - the revenues last year represent just 9pc of the €270.8m revenues enjoyed in 2008.

The size of Nokia's business here has plummeted over the past seven years as it is failed to compete with Apple and Samsung in the Smartphone arena.

Last year, revenues at the firm reduced by a further 11pc going from €27m to €24m.

In spite of the continuing downturn in business, the company increased its pre-tax profits by 18pc to €612,000.

However, a downbeat directors' report states that "the business has declined significantly during the year as a result of the competition in the market and changes in consumer spending patterns in the mobile phone market".

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