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Nokia Devices and Services Net Sales Reaches 6.2 Billion EUR, but 33% Down from Last Year
      04/16/09 09:38 AM

Nokia today released its Q1 2009 financial results that includes EUR 9.3 billion in net sales (including 6.2B EUR in devices and services) but most results are down compared to last year's results from the same quarter. Here are some of the highlights from Nokia's Q1 09 reports:

FIRST QUARTER 2009 HIGHLIGHTS
- Nokia net sales of EUR 9.3 billion, down 27% year on year and sequentially (down 24% and down 25% at constant currency).

- Devices & Services net sales of EUR 6.2 billion, down 33% year on year and down 24% sequentially (down 31% and down 23% at constant currency).

- Services net sales of EUR 150 million (billings of EUR 166 million), up 79% year on year and down 5% sequentially.

- Estimated industry mobile device volumes of 255 million units, down 14% year on year and down 16% sequentially.

- Nokia mobile device volumes of 93.2 million units, down 19% year on year and down 18% sequentially.

- Nokia 5800 XpressMusic volumes of 2.6 million units, with cumulative shipments of more than 3 million units since the smartphone's launch in late November 2008.

- Nokia estimated mobile device market share of 37% in Q1 2009, down from 39% in Q1 2008 and unchanged from Q4 2008.

- Nokia mobile device ASP of EUR 65, down from EUR 71 in Q4 2008.

- Devices & Services gross margin of 33.8%, unchanged from Q4 2008.

- NAVTEQ net sales of EUR 132 million, down 36% sequentially from EUR 205 million, and non-IFRS operating margin of 3.7% (25.7% in Q4 2008)

- Nokia Siemens Networks net sales of EUR 3.0 billion, down 12% year on year and down 31% sequentially (down 9% and down 30% at constant currency).

- Nokia operating cash flow of EUR 276 million.

- Total cash and other liquid assets of EUR 8.1 billion at the end of Q1 2009.


INDUSTRY AND NOKIA OUTLOOK
- Nokia expects industry mobile device volumes in the second quarter 2009 to be at approximately the same level or up slightly sequentially.

- Nokia expects its mobile device market share in the second quarter 2009 to increase sequentially.

- Nokia continues to expect 2009 industry mobile device volumes to decline approximately 10% from 2008 levels. Nokia continues to expect the decline to be greater in the first half than in the second half of the year.

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

- Nokia continues to target 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.

- Nokia continues to target 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 continues to target that a majority of the reduction will happen during 2009.

- Nokia and Nokia Siemens Networks now expect the mobile infrastructure and fixed infrastructure and related services market to decline approximately 10% in Euro terms in 2009, from 2008 levels. This is an update to Nokia and Nokia Siemens Networks' earlier estimate that the mobile infrastructure and fixed infrastructure and related services market would 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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