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Nokia Reports 305 Million Phones Sold, Down from Last Year
      #32452 - 01/22/09 09:05 AM

Nokia also announced its Q4 2008 financial reports today and lowered mobile device market sales outlook. Here are the highlights of fourth quarter 2008 report from Nokia:

Q4 2008 Highlights:

- Nokia net sales of EUR 12.7 billion, down 19% year on year and up 3% sequentially (down 18% and up 1% at constant currency).

- Devices and Services net sales of EUR 8.1 billion, down 27% year on year and down 5% sequentially (down 25% and 8% at constant currency).

- Services and software net sales of EUR 158 million, up 37% sequentially.

- Estimated industry mobile device volumes of 305 million units, down 9% year on year and down 2% sequentially.

- Nokia mobile device volumes of 113.1 million units, down 15% year on year and down 4% sequentially.

- Nokia estimated mobile device market share of 37% in Q4 2008, down from 40% in Q4 2007 and down from 38% in Q3 2008. The full year 2008 estimated market share was 39%.

- Nokia mobile device ASP of EUR 71, down from EUR 72 in Q3 2008.

- Devices & Services gross margin of 33.8%, down from 36.5% in Q3 2008.

- NAVTEQ net sales of EUR 205 million, up 31% sequentially from EUR 156 million, and non-IFRS operating margin of 25.7% (18.5% in Q3 2008)

- Nokia Siemens Networks net sales of EUR 4.3 billion, down 5% year on year and up 24% sequentially (down 4% and up 23% at constant currency).

- Nokia Siemens Networks achieved substantially all of the EUR 2.0 billion of targeted annual cost synergies by the end of 2008.

- Operating cash flow was negative EUR 0.3 billion, including the one-time EUR 1.7 billion lump-sum cash payment made to Qualcomm as part of the previously announced license agreement. Excluding the Qualcomm payment, operating cash flow was EUR 1.4 billion.

- Total cash and other liquid assets of EUR 6.8 billion at the end of Q4 2008.



Industry and Nokia Outlook:

- Nokia expects industry mobile device volumes in the first quarter 2009 to decline sequentially to a greater extent than the seasonal sequential decrease in the first quarter of the past few years.

- Nokia expects its mobile device market share in the first quarter 2009 to be at approximately the same level sequentially.

- While noting the extremely limited visibility, Nokia now expects 2009 industry mobile device volumes to decline approximately 10% from 2008 levels. Nokia expects the decline to be greater in the first half than in the second half of the year. This is an update to Nokia's earlier estimate that 2009 industry mobile device volumes would decline 5% or more from 2008 levels.

- Nokia continues to target an increase in its market share in mobile devices in 2009.

- Nokia now targets its non-IFRS operating margin in Devices & Services to be more than 10% in the first half 2009 and to be in the teens for the second half 2009, rather than in the teens for the full year 2009 as previously targeted.

- Nokia targets its annualized non-IFRS operating expense run rate in Devices & Services to be lower than EUR 6 billion by the end of 2010. This would represent a reduction of more than EUR 700 million to the annualized run rate at the beginning of 2009. Nokia targets that a majority of the reduction will happen during 2009.

- Nokia and Nokia Siemens Networks continue to expect the mobile infrastructure and fixed infrastructure and related services market to decline 5% or more in Euro terms in 2009, from 2008 levels.

- Nokia and Nokia Siemens Networks continue to target for Nokia Siemens Networks market share to remain constant in 2009, compared to 2008.



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