Nokia today announced its Q2 earnings with net sales reaching EUR 10 billion and mobile device sales of 111.1 million units. Nokia sold 24 million units of smartphones and mobile computers, up 42 percent year-on-year. Here are Nokia second quarter 2010 highlights:
- Nokia net sales of EUR 10.0 billion, up 1% year-on-year and 5% sequentially (down 4% and up 2% at constant currency). - Devices & Services net sales of EUR 6.8 billion, up 3% year-on-year and 2% sequentially (down 2% and 1% at constant currency). - Services net sales of EUR 158 million, up 7% sequentially; billings of EUR 295 million, up 29% sequentially. - Nokia total mobile device volumes of 111.1 million units, up 8% year-on-year and 3% sequentially. - Nokia converged mobile device (smartphone and mobile computer) volumes of 24.0 million units, up 42% year-on-year and 12% sequentially. - Nokia mobile device ASP (including services revenue) of EUR 61, down from EUR 62 in Q1 2010. - Devices & Services gross margin of 30.2%, down from 34.0% in Q2 2009 and 32.4% in Q1 2010. - Devices & Services non-IFRS operating margin of 9.5%, down from 12.2% in Q2 2009 and 12.1% in Q1 2010. - NAVTEQ non-IFRS net sales of EUR 253 million, up 71% year-on-year and 34% sequentially (up 69% and 30% at constant currency). - Nokia Siemens Networks net sales of EUR 3.0 billion, down 5% year-on-year and up 12% sequentially (down 11% and up 10% at constant currency).
- Nokia Siemens Networks non-IFRS operating margin of 1.7%, up from 0.1% in Q2 2009 and 0.6% in Q1 2010. - Nokia operating cash flow of EUR 944 million. - Total cash and other liquid assets of EUR 9.5 billion at the end of Q2 2010. - Nokia taxes were unfavorably impacted by Nokia Siemens Networks taxes as no tax benefits are recognized for certain Nokia Siemens Networks deferred tax items. If Nokia's estimated long-term tax rate of 26% had been applied, non-IFRS Nokia EPS would have been approximately half a Euro cent higher.