posted fourth-quarter results that were met Wall Street estimates. The Finnish wireless giant also set a plan to buy back 230 million shares.
For its fourth quarter ended Dec. 31, Nokia posted a profit of 29 euros a share. That equates to 37 cents a share and is in line with the company's guidance earlier this month. Revenue slipped to 8.79 billion euros, or $11.2 billion. Nokia also guided to an in-line first quarter, saying it expected earnings of around 23 cents a share.
The earnings news comes just two weeks after Nokia helped to
set off 2004's furious wireless rally by boosting fourth-quarter guidance. At the time, analysts cited low year-end expectations, stronger-than-usual seasonal demand and lots more sales of higher margin products for the upside surprise.
However, the question on Nokia remains how strong demand will be in the future, an issue the company is expected to address on its conference call. Nokia closed Wednesday at $20.97.