Business Notes

Staff On Dec 17 2001 - 8:00am

Nokia Points To 25% Q4 Handset Growth

Helsinki, Finland — Mobile phone maker Nokia, based on a new range of phones expected to help the company regain lost market share, said its handset sales will increase 25 percent in the fourth quarter, compared with the $4.7 billion recorded in the third quarter. Reflecting the hit its has taken from the U.S.-led global economic slowdown, Nokia said, in its mid-quarter update, sales in its networks division would fall 20 percent year-over-year, and handset sales, which make up most of group revenue, would be flat year-over-year. Nokia said the mobile phone market has developed according to expectations, with fourth-quarter volumes expected to reach 105 million to 110 million units. Nokia expects overall sales to grow by 20 percent from last quarter's $6.3 billion, but would be lower than the $8.3 billion posted in the fourth quarter of last year.

XM Satellite Announces $129M Financing Deal

Washington— XM Satellite Radio said it has closed its public offering of 11.5 million common shares at a price of $11.25 per share, including an over-allotment option of 1.5 million shares, resulting in total gross proceeds of $129 million. XM also said it has closed a $66 million funding package with Boeing announced in October. The financing package includes $35 million in new debt financing and $31 million in restructured obligations. "With these financings, XM is well positioned to operate its business into the fourth quarter of 2002," said Hugh Panero, president/CEO.

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