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Nokia Earnings Fell Nearly 7% In First QuarterHELSINKI, Finland, April 19 (AP) —Nokia, the worlds largest mobile phone maker, said Thursday that its first-quarter earnings dropped nearly 7 percent as expanding sales of low-end models in emerging markets pushed down its average selling price. Net profit came to 979 million euros ($1.3 billion), down from 1.05 billion euros in the first three months of 2006, Nokia said. The company said that its share of the global mobile phone market was 36 percent, up slightly from 35 percent in the first quarter of 2006. Overall sales grew to 9.9 billion euros ($13.4 billion) from 9.5 billion euros in the year-ago period, Nokia said. The average selling price of Nokias handsets was 89 euros ($120), unchanged from the previous quarter, but down 14 percent from 103 euros in the first quarter of 2006. The change was a result of a higher proportion of low-end handsets being sold in emerging markets, including India and China. Net sales of mobile phones fell 5 percent, to 5.6 billion euros ($7.6 billion) despite a 21 percent increase in volume sales, Nokia said. Raine Vammelvirta from FIM Securities in Helsinki said analysts had expected Nokias market share to grow more, considering the poor performance reported by its chief rival, Motorola. Motorolas global share has fallen to about 17 percent, from 22 percent. Nokia cautioned that it expected some decline in industry average selling prices, primarily reflecting the increasing impact of the emerging markets and competitive factors. Worldwide, 253 million mobile devices were sold in the period, an increase of 18 percent, Nokia said, adding that it expected a slight increase during the current quarter. Over all, the company expects the handset market to grow by 10 percent in 2007, from 978 million units last year. Nokia shares closed up 3.5 percent at 18.16 euros ($24.70) in Helsinki, apparently propelled by the companys high margins in the quarter. Tag CloudExternal InformationAdditional InformationReimagining the Automobile Industry by Selling the Electricity...Pellicano on Pellicano: He Was No Mastermind... Chief Is Selected at TIAA-CREF... H&R Block May Delay Sale of Option One Mortgage Unit... Where Am I?News Main Page - Business - Nokia Earnings Fell Nearly 7% In First Quarter |
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