Nokia Q1 2010 sales up 3% to 9.5 billion euros

Smartphone sales up 57% year-on-year

Nokia Q1 2010 sales up 3% to 9.5 billion euros
| Nokia financial news

Nokia has announced its Q1 2010 financials for the three months ending March 31.

Sales were €9.5 billion ($12.7 billion), up 3 percent year-on-year.

Operating profit was €488 million ($650 million), up 787 percent year-on-year.

This was driven by the growth in sales of smartphones and mobile computers, with 21.5 million devices shipped, up 57 percent year-on-year.

In total, Nokia shipped 107.8 million phones during the quarter, up 16 percent year-on-year.

It estimates it has a total market share of 33 percent, up from 32 percent year-on-year.

The average mobile device selling price was €62 ($82.5), down from €66 ($88) during Q1 2009, due to competition at the high end.

Mixed divisions

But while its Devices Services group was profitable, the infrastructure-based Nokia Siemens Networks and location-based NAVTEQ groups both recorded loses. These have narrowed year-on-year however.

In Q1, Nokia delivered both year-on-year net sales and operating profit growth," said CEO Olli-Pekka Kallasvuo.

"We continue to face tough competition with respect to the high end of our mobile device portfolio, as well as challenging market conditions on the infrastructure side."

Indeed, Nokia said while it would launch its first Symbian^3 powered device in Q2, shipments wouldn't occur until Q3.

[source: Nokia]

Jon Jordan
Jon Jordan
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