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  • Pierre Fournier

Prof. Fournier Press Review: February 14 – February 18

Agenda: Nokia, Finnair, Delta Airlines, Google, Prada

Excellent financial results for Nokia for the last quarter. The Finnish telecommunications services company, Nokia, announced excellent news. Indeed, the company recorded a higher profit for its latest quarter compared to the same quarter a year earlier. According to Reuters, Nokia is very confident for 2022 as the supply problems are expected to decrease significantly. All of Nokia's business segments contributed to the very good financial results. In 2021, given the severity of the crisis, Nokia had implemented a plan to cut nearly 11% of its employees. Some of these employees had been fired or had agreed to take early retirement.

Finnair employees absent due to illness. According to World Airline News, the magnitude of the impact of the omicron variant on economic activities is forcing the Finnish-born airline company Finnair to cancel almost 20% of its flights for the month of February. Several Finnair employees have been affected by the Omicron and the Delta variants. These absences have been significantly increased with the influenza cases since the start of 2022. Airlines pilots and associated personnel have various service tasks that customers have declared absent for the next few weeks. It is important to mention that this situation is not only a problem for Finnair but also other airlines operating in the European territories.

Delta Air Lines remains confident for 2022. According to the American airline Delta Air Lines, uncertainties related to the Omicron variant should delay the resumption of air traffic by two to three months. For this reason, according to Delta, the first quarter of 2022 should record a financial loss. However, the company is very optimistic for the second quarter of 2022. According to the News Observer, with the vaccination initiative going quite well and the end of the fifth wave of contamination, Delta is very positive for 2022. Additionally, Delta mentions that the spring and summer periods are when consumer demand is high for the travel season. Finally, Delta notes that assistance from the U.S. Government has gone a long way in helping the company navigate the economic crisis associated with COVID-19.

Google's expansion into the UK. While the demand for telework has been rising sharply since March 2020, the California company Google is buying a building for $1 billion. With the purchase of this building, located in London in the United Kingdom, Google aims to increase its activities by hiring new employees. According to CNBC, Google plans to invest considerable sums in renovating the building and making it more suitable for different working environments. Once the renovation is complete, the building will accommodate more than 9,000 employees.

Very good results for Prada. According to Vogue Business, the partial reopening of the economy in 2021 has benefited Prada. Indeed, the Italian company, specializing in luxury, mentions having recorded tremendous growth for 2021. Its income increased by nearly 40% compared to 2020. Retail sales of Prada strongly contributed to this increase in income. Prada’s online sales also contributed to this very good performance, increasing by more than 25% compared to 2020. The economic crisis of 2020 had forced the company to close several of its stores for a few months. Prada is very confident about its sales in 2022, given the recovery of international tourism and the global recovery of the economy.


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