Nokia surprises market, profit up 21%
Nokia surprised analysts yesterday by reporting a strong first quarter of double-digit growth in net profit and sales, and it said it increased its market share to 35 percent. Nokia earned $1.29 billion on $11.7 billion in sales. Analysts had expected a profit of $1.1 billion and sales of $10.7 billion.
Nokia management said the company continues to benefit from a diversifying product portfolio, with more variety in the company's mid-range offerings. Nokia highlighted the success of its N70 multimedia device, which was the highest revenue generator for the company this quarter. Analysts had been concerned about Nokia's heavy focus on the low-end market.
Source: Fierce Wireless.
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