Nokia profit plunges 90% in Q1

Nokia profit plunges 90% in Q1
AFP
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First Published: Thu, Apr 16 2009. 05 59 AM IST
Updated: Thu, Apr 16 2009. 05 07 PM IST
Helsinki: Nokia, the world’s leading mobile phone maker, on Thursday reported a 90% drop in its first quarter net profit to 122 million euros ($160 million) amid falling sales and lower prices for its handsets.
Chief executive Olli-Pekka Kallasvuo said Nokia’s sales from January to March were dented as retailers held back on ordering new handsets.
Its market share of 37% was down from 39% in the same quarter a year ago, but was stable from the fourth quarter.
Nokia said it expected its market share to rise in the second quarter.
After the results were released, Nokia shares surged 9.5% to 11.05 euros on the Helsinki stock exchange, which was 4.05% higher.
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First Published: Thu, Apr 16 2009. 05 59 AM IST