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Sorry for resurrecting a topic that petered out months ago, but what exchange rates did you use to translate Nokia's results (in Euros) to the $ figures below? In particular, did you use a different exchange rate for the 99Q3 and 98Q3 data, or the same rate for both?

Brent,

Basically what I did was take all the figures that were listed in Euros and multiply them by the conversion factor that was listed in the earnings release (1 EUR = 1.037 USD as of September 30, 1999). I didn't really want the figures to get totally skewed by using two separate exchange rates (one for 1999Q3 and one for 1998Q3), so I just picked the most recent one and used it. That way, all the figures show up in US dollars so that the analysis can be as close to an "apples to apples" comparison as possible.

Hope this helps.

the LanceMan
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