Nokia reports 16% profit drop in Q2

Another 1,500 jobs to go by year end

Nokia has reported a 16 per cent profit drop for the second quarter.

Net income at the Finnish mobile phone maker fell to $830 million euros ($728 million) from 984 million euros for Q2 the previous year.

Sales rose five per cent to 7.3 billion euros.

The company forecast sales would stay flat or grow by up to five per cent. Profit is expected to fall in the third quarter before picking up in Q4.

It also said it had cut staff by around 1,600 during the first half of the year, and expected an additional 1,500 jobs to go by the end of 2001. ®