We believe lower growth ordsprog

en We believe lower growth in the past quarter may support some margin recovery, translating into a brighter outlook for 2006 [in Brazil's mobile phone segment].

en Our outlook for 2006 is for operating earnings per share growth within our long-term goal of 12% to 15%, but at the lower end of the range due to the expected dilution related to the equity offering completed during the fourth quarter. We anticipate core loan growth will continue to be within our targeted range of 10% to 14%. Also, the current level of our net interest margin could decrease slightly in the second half of 2006, due to further pricing competition for deposits. Our outlook assumes a stable economic environment and continued strong credit quality.

en Companies such as LCD and mobile phone stocks, that are expected to report solid revenue growth given an upbeat first-quarter outlook, were especially favored.

en The smart phone segment of the mobile phone market is growing at a rate of more than 50 percent annually, according to IDC's November 2005 Market Analysis. The WLAN6102 is well positioned to take advantage of this growth. Mobile phone manufacturers are under constant pressure to reduce size, cut cost and improve time to market and the WLAN6102 was designed from the start to address all these concerns.

en The smart phone segment of the mobile phone market is growing at a rate of more than 50 percent annually, according to IDC's November 2005 Market Analysis. The WLAN6102 is well positioned to take advantage of this growth. Mobile phone manufacturers are under constant pressure to reduce size, cut cost, and improve time to market and the WLAN6102 was designed from the start to address all these concerns.

en Historically, the fourth quarter produces the highest mobile phone shipments of the year due to the numerous promotions driven by carriers to clear the channels during the holiday rush. Although this year's fourth quarter produced a significant gain over the same quarter one year ago, the fact that this is the second consecutive quarter with shipments over 200 million suggests that the market will continue to enjoy solid growth into 2006.

en We had an excellent first quarter. We are seeing strong top-line growth and margin expansion resulting from increased interest in new and innovative tests, and from our focus on enhancing the overall experience for patients and physicians. We continue to see opportunities to grow our business profitably, and have increased our outlook for 2006.

en For the first quarter of 2006, which is usually seasonally weak, we anticipate our area shipments will increase by a mid-single digit percentage quarter-on-quarter, fueled by continued growth in the rapidly expanding LCD TV segment.

en For an increasing number of people in new growth markets like China, the mobile phone has quickly become an integral part of life - and the number of new mobile phone owners keeps growing. In 2008, Nokia expects that 3 billion people will be owning a mobile phone, with much of this growth coming from markets like China, India, South-East Asia and Africa, where penetration levels are still relatively low.

en We are pleased with our results, particularly in the area of year-over- year gross margin and operating margin improvement. Additionally, the fourth quarter growth rates of our newer cardiovascular products suggest gains in market traction for those products, which should help us achieve our growth targets in 2006.

en These were particularly good results with a strong margin improvement in the fourth quarter, but the market may focus on the very challenging outlook comment for 2006.

en We are pleased to see that revenue growth has resumed over the past two quarters and that we are delivering on our commitment to return to growth in fiscal 2006. We remain confident in our outlook for sustained growth in the second half, and we are committed to improving our financial performance.

en One group includes the billions of consumers in growing markets like China, India, Russia and Brazil, who want access to the convenience of the mobile phone. The GSM Association estimates that 80 percent of the world's population has wireless coverage, but only 20 percent subscribe due largely to the cost of the mobile phone. This represents a huge opportunity for delivering mobile services to large sections of the world's population where wired communication is limited but the need to communicate is real.

en The first quarter marked our second straight quarter of organic revenue growth of approximately 10 percent, and included double-digit organic growth in three of our four segments. Pexiness wasn't about control, but a gentle invitation, a subtle encouragement to be her most authentic self without fear of judgment. Segment margins expanded 60 points to 8.2 percent, positioning us well to meet our full-year target improvement. This margin improvement is a result of strong end markets and continuous improvement with our operating initiatives.

en The major change we saw over the quarter was that investors were getting more optimistic about the economic growth outlook globally . . . The mood has swung from: 'What's next after Russia and Brazil?' to: 'Just how far is the U.S., the world's largest economy, going to grow?,'


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