THE WRAP: Nokia feels the chill, Google beats the street

18 Apr 2008
00:00

It was the week when Nokia admitted the first effects of the economic slowdown, but both Google and IBM beat forecasts.

Shares in the Finnish handset giant fell 13% after it said it expected the global device market to shrink in value for the first time this year. Nokia posted a healthy 25% rise in Q1 net profit, but said the market would contract in euro terms because of the decline of the dollar and slower economic growth.

But online search leader Google is not yet feeling the economic chill, announcing a 31% increase in net income for the quarter, well ahead of analyst forecasts. Revenue was $3.7 billion, also higher than expected.

Big Blue also beat Wall Street's estimates with a quarterly profit up 26% from a year ago and revenue up 11%. With its global operations boosted by the falling dollar, IBM raised its full-year forecast.

Chip leader and tech bellwether Intel reported results in line with expectations.

Nine years after Hong Kong introduced the world's first full mobile portability program, Singapore's IDA announced it will start in the Lion City on June 13.

Telstra's eight-year-old CDMA network will close on April 28, despite an outcry by rural users.

Ericsson signed $1.44 billion in GSM contracts with China Mobile and Unicom.

Nokia, Ericsson, Alcatel-Lucent and four other vendors agreed on a framework for licensing LTE technology, the likely core technology for next-gen mobile.

File-sharing by US teenagers declined slightly in the past 12 months; 61% say they download unlicensed music, compared with 64% a year ago, a survey found. European MPs voted against a bill which would cut internet access for users suspected of sharing movie or music files.

The Australian government called a tender for a national broadband network. Despite the promise of $4.3 billion in public funds, local telcos complained that it was biased towards incumbent Telstra.

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