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Nokia, the struggling mobile phone maker, swung back into profit in the last three months of 2012.
But Nokia said the trading outlook was tough and that no dividend would be paid, the first time in 20 years that shareholders have missed out.
Nokia Makes a Profit of Euro 375 Million in 4Q [bbc.co.uk]
The company finished 2012 with net cash of 4.4bn euros, down 22% from a year earlier.
Ben Wood, a research analyst at CCS Insight said that on the face of it, this was positive for Nokia in isolation.
"But you have to take the 4.4m Lumia smartphones that they sold in the context of the 48m that Apple announced last night, and you can see that they have a long journey ahead."