Nokia Extends Revenue Growth Goal To 35% Through 2003

ByJohn S. McClenahen Even as dozens of other companies are cutting back their revenue projections, Nokia Corp. is targeting 25% to 35% annual growth through 2003, a year longer than the Finland-based mobile communications company had previously projected. Indeed, Nokia says it expects first-half 2001 revenue growth "to be in the upper range of 25% to 35%." Profitability could benefit as well as Nokia embraces an e-business operating model. The company expects to cut costs by about US$870 million (1 billion euros) annually by the year 2003, with "substantially all revenues generated via e-mode." Nokia is the world's largest mobile phone producer and has an estimated 30% market share.