Nokia Q1 2005 statement

Apr 21 2005 - 02:19 PM ET | Nokia

Mobile phone market leader Nokia today reports its first quarter earnings statement. The mobile division posted solid numbers:

• Net sales were EUR 4.53 billion, an increase of 11% vs. Q1 2004
• Net profit EUR 869 million, down 16% from a year ago
• China became Nokia's top market, followed by Asia Pacific and Europe/Middle East/Africa. Nokia has seen declines in North and Latin America.
• Average selling price for a phone was 110 euro, signaling a tilt toward higher end devices.

Though net sales were up, decreased margins hurt profits. Sales were strong enough for Nokia to up its sales estimate to 740 million handsets industry wide in 2005.

A chart of Nokia's unit sales by region is available below. North American sales have gone down a massive 33% during since last year.

* EMEA is Europe, Middle East and Africa