Despite the stronger performance, once the world’s largest mobile-phone maker, Nokia Corp. is planning to axe its annual dividend payment. Finnish mobile phone maker has paid an annual dividend every year since 1989.

Nokia has fallen behind in the smartphone race against rivals such as Samsung (or other Android based phone makers), Apple (iphone) and devices running Microsoft Corp. software.

Based in reported Q4 earnings, Nokia has an operating profit of $585 million and revenues of $10.7 billion. It says that company now has net cash of $5.9 billion.

Nokia also mentioned it sold around 15.9 million smartphones in the quarter, down from 19.6 million a year earlier.

Nokia is starting to turn a corner after aggressively cut costs (eliminating as many as 24,000 jobs world-wide), a positive reception for its new line of Lumia smartphones and a better performance from Nokia Siemens Networks and and selling assets.

In a statement, Chief Executive Stephen Elop said he is “very encouraged” that Nokia’s strategy overhaul “has started to translate into financial results.”

Do you think the struggling mobile-phone maker Nokia will turn it’s ship around? Please comment below.

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