SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a -16 or 15d -16 of
the Securities Exchange Act of 1934
Report on Form 6-K dated June 11, 2002
Nokia Corporation
Nokia House
Keilalahdentie 4
02150 Espoo
Finland
(Name and address of registrant's principal executive office)
(Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F __X__ Form 40-F _____
Enclosure: Press release dated June 11, 2002: "Nokia sees market
share gains with Q2 profits in line on lower sales".
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PRESS RELEASE
June 11, 2002
Nokia sees market share gains with Q2 profits in line on lower sales
Nokia today provided a scheduled mid-quarter update to the company's business
outlook for the second quarter 2002.
Based on developments during April and May, the company sees second-quarter net
sales declining by about 2-6% to about EUR 6.9-7.2 billion, compared with
earlier guidance of 2-7% year-on-year growth. Sales of Nokia Mobile Phones in
the second quarter are expected to grow 0-4% year on year instead of the
previously stated 5-10%. Nokia Networks sales are expected to decrease by
20-25%, compared with earlier guidance of a decrease of 5-10% year on year.
Pro forma EPS (diluted) is estimated to be within the earlier indicated range of
EUR 0.18 and EUR 0.20, compared with EUR 0.17 a year ago.
In mobile phones, Nokia expects its market share for the second quarter to
increase (both sequentially and year on year) to the level of 38% during the
quarter, with the company's year-on-year volume growth exceeding 10%. The
company estimates overall mobile phone market volume to grow in the second
quarter by about 5%, compared with 89 million in the first quarter.
In the second quarter, Nokia Mobile Phones pro forma operating margins are
expected to be above 20%, demonstrating Nokia's ongoing strong product
competitiveness in this market. Nokia Networks sales are expected to be lower
than estimated mainly due to cautious investments amongst operator customers.
It should be noted that certain statements herein which are not historical
facts, including, without limitation those regarding A) the timing of product
deliveries; B) our ability to develop and implement new products and
technologies; C) expectations regarding market growth and developments; D)
expectations for growth and profitability; and E) statements preceded by
"believe," "expect," "anticipate," "foresee" or similar expressions, are
forward-looking statements. Because these statements involve risks and
uncertainties, actual results may differ materially from the results that we
currently expect. Factors that could cause these differences include, but are
not limited to: 1) developments in the mobile communications market including
the continued development of the replacement market and the Company's success in
the 3G market; 2) demand for products and services; 3) market acceptance of new
products and service introductions; 4) the availability of new products and
services by operators; 5) weakened economic conditions in many of the Company's
principal markets; 6) pricing pressures; 7) intensity of competition; 8) the
impact of changes in technology; 9) consolidation or other structural changes in
the mobile communications market; 10) the success and financial condition of the
Company's partners, suppliers and customers; 11) the management of the Company's
customer financing exposure; 12) the continued success of product development by
the Company; 13) the continued success of cost-efficient, effective and flexible
manufacturing by the Company; 14) the ability of the Company to source component
production and R&D without interruption and at acceptable prices; 15) inventory
management risks resulting from shifts in market demand; 16) fluctuations in
exchange rates, including, in particular, the fluctuations in the euro exchange
rate between the US dollar and the Japanese yen; 17) impact of changes in
government policies, laws or regulations; 18) the risk factors specified on
pages 10 to 17 of the Company's Form 20-F for the year ended December 31, 2001.
For more information:
Lauri Kivinen, Corporate Communications, tel. +358 7180 34495
Ulla James, Investor Relations, tel. +1 972 894 4880
Antti Raikkonen, Investor Relations, tel. +358 7180 34290
www.nokia.com
- - Nokia results announcements for 2Q and 3Q, 2002 are planned for July 18 and
October 17, respectively.
- - Nokia is hosting a mid-year strategy update on June 20, 2002 in Helsinki,
Finland.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant, Nokia Corporation, has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Date: June 11, 2002 Nokia Corporation
By: /s/ Ursula Ranin
-------------------
Name: Ursula Ranin
Title: Vice President, General Counsel
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