Now a network equipment maker, Nokia announced it would pay special dividends after reporting stronger than expected profits, as growth in China offset weaker demand in North America and Europe. We don’t know if it makes boots any more.
The Finnish outfit has secured regulatory approval for its proposed $17.1 billion takeover of Froggie rival Alcatel-Lucent.
Third quarter operating profit at the company’s network unit was $427 million, or 13.6 percent of sales.
That was roughly in line with $434 million year earlier but significantly above analysts’ average forecast of a profit of $324 million and a margin of 10.2 percent.
Nokia last year sold its once-dominant phone business to Microsoft and its navigation business to German car makers.
Curiously the company is thinking of releasing a smartphone again soon. Hard to think why. Maybe it should get back into the boot business.