Nokia (NYSE: NOK) has announced its Q1 2011 financials for the three months ending March 31.
Net sales were 10.4 billion ($15.2 billion), up 9 percent year-on-year.
Of this total, Nokia's Devices & Services division generated 7.1 billion ($10.4 billion), up 6 percent year-on-year.
Group operating profit was 439 million ($641 billion), down 10 percent compared to Q1 2010.
Devices & Services accounted for 690 million ($1.0 billion), down 17 percent. Other divisions NAVTEQ and Nokia Siemens both made substantial operating losses due to reorganisation and intangible asset amortisation.
For that reason, Nokia also listed its operating figures in Non-IFRS form (similar to US non-GAAP) to provide what it said was the underlying performance of those groups.
The hard road
During Q1, Nokia sold a total of 108.5 million phones, up 1 percent year-on-year. It estimated its share of the global phone market dropped from 33 percent a year ago to 29 percent.
Smartphone sales were 24.2 million units, up 13 percent; or 26 percent of the total global smartphone market, down from 41 percent in Q1 2010.
Latin America and China were the growth areas for handset sales.
The average price per device was 65 ($95), up from 62 ($91) in Q1 2010.
Smartphone average price dropped however from 155 ($226) to 147 ($215). In comparison, the average revenue Apple generates per iPhone sold is over $600.
Nokia generated negative cash flow during the quarter of 173 million ($252 million), compared to a positive cash flow of 182 million ($266 million) last year.
There maybe (more) trouble ahead
"In the first quarter, we shifted from defining our strategy to executing our strategy. On this front, I am pleased to report that we signed our definitive agreement with Microsoft and already our product design and engineering work is well under way," commented CEO Stephen Elop.
"Following a solid first quarter, we expect a more challenging second quarter. However, we are encouraged by our roadmap of mobile phones and Symbian smartphones, which we will ship through the balance of the year.
"We are fully focused on delivering the needed accountability, speed and results to positively drive our future financial performance."
The company ended the quarter with total cash and other liquid assets of 11.1 billion ($16.2 billion). This is down from 12.2 billion ($17.8 billion) at the end of December.
[source: Nokia]
News
Contributing Editor
A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.
Top Stories
News
4 hours, 21 minutes ago
Q4 2024 was EA’s strongest for mobile, but it still only earned them $307 million
News
6 hours, 51 minutes ago
Krafton teases AI-developed games as "limited" voice actors, writers, and level designers get the boot
News
8 hours, 21 minutes ago
PUBG maker Krafton generated 60% of record-breaking $487.7m Q1 earnings from mobile
Feature
May 7th, 2024
Mobile Mavens: The industry has its say on Squad Busters ability to draw in “untapped audiences” with its “influence from a range of genres”
Feature
May 7th, 2024
Hot Five: Supercell’s Squad Busters supremacy, Brawl Stars bounces back, and a games industry journey at King
Feature
May 7th, 2024
April 2024 mobile game charts: Call of Duty: Warzone Mobile loses launch momentum and Brawl Stars’ astronomical rise
Events
Valencia Indie Summit 2024 | Europe | May 16th |
Mobidictum Meetup Tallinn May 2024 | Europe | May 21st |
Israel Mobile Summit 2024 | Middle East | Jun 6th |
WN Conference Istanbul 2024 | Jun 11th | |
DevGAMM Vilnius 2024 | Europe | Jun 14th |
Develop: Brighton 2024 | Europe | Jul 9th |
Devcom 2024 | Europe | Aug 18th |
Gamescom Cologne 2024 | Europe | Aug 21st |