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Nokia Tumbles Pre-Earnings; Estimates Falling

January 20, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Nokia (NOK) shares are sagging badly ahead of the company’s fourth-quarter earnings report due Thursday morning.

Credit Suisse analyst Kulbinder Garcha this morning cut his 2009 handset industry sell-in forecast to down 10 percent, from down six percent previously. Citing expectations of continued inventory reductions in the industry, he cut his 2009 EPS estimate to 74 euro cents, from 87 cents. For Q4, he now sees the industry selling 319 million units, flat sequentially, but up 10 percent year over year. He expects Nokia’s unit sales in the quarter to be 115 million units, down two percent sequentially and down 14 percent year over year. For the quarter, he sees Nokia posting revenue of 12.9 billion euros and profits of 25 euro cents a share, below the Street at 13 billion and 27 euro cents. Garcha also cut his estimates on Ericsson (ERIC), citing his reduced handset forecast.

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