Enterprise Exclusive Mobile News

Nokia CEO Rajeev Suri Hints Towards Possible Sale Of HERE Mapping Division During Q2 Earnings Report

Share on Facebook
Tweet about this on TwitterShare on Google+Share on StumbleUponShare on LinkedInPin on PinterestShare on Reddit

Speculations have been rife about Nokia dishing out its HERE mapping division to a third-party vendor. While reports have come in that a German Luxury Car Consortium has reportedly grabbed one of the finest mapping services on earth, we have finally got first hints towards Nokia’s intentions of selling off HERE division.

These hints came via Nokia CEO Rajeev Suri, who issued a prepared statement during Nokia’s impressive Q2 earnings result. While Suri issued statements for each of Nokia’s current divisions, his statement on HERE is what hinted that the mapping division might be up for sale.

Talking about HERE’S profits, Suri said [emphasis my own],

HERE continued to deliver well, again showing year-on-year sales and profitability growth. Our strategic review of that business is now in an advanced stage, and I would like to reiterate that our focus is on what is in the best interests of our shareholders and the long term future of HERE

Those emphasised words, specially the “strategic review is on advanced stage” part is a clear enough indication, that the company is indeed looking a strategic sale of its mapping division. Moreover, Suri’s talk about HERE’s future further cements that a sale talk with potential buyers might be on.

HERE has been a rewarding business for Nokia, and that is probably the sole reason why the company is not hurrying up to sell the business at a lower-than-expected bid.

Nokia’s mapping division clocked a 25% year-on-year growth in net sales, with 24% growth in new vehicle licenses for embedded navigation systems. HERE further recorded a Non-IFRS operating profit of EUR 27 million ($29 Million), with non-IFRS operating margin increasing year-on-year to 9.3% from 0.0%.

Overall, Nokia has risen impressively post its smartphone business sale to Microsoft, which ironically, has brought more good to the seller than the buyer.

Nokia’s net sales in Q2 2015 clocked a whopping EUR 3.2 billion ($3.5 Billion), as compared to the EUR 2.9 billion ($3.17 Billion) in Q2 2014, up 9% year-on-year (down 1% year-on-year on a constant currency basis)

Non-IFRS diluted EPS in Q2 2015 of EUR 0.09 (EUR 0.06 in Q2 2014), an increase of 50% year-on-year; reported diluted EPS in Q2 2015 of EUR 0.09 (loss of EUR 0.01 in Q2 2014).


Editor-at-large and co-founder at The Tech Portal. He is a tech enthusiast with interests in new-age technology fields like Ai, Machine Learning, AR/VR, Outer Space and related stuff. Drop him a mail anytime, very reachable.

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *