Nokia Sees Handset Demand Stabilizing; Shares Jump

Nokia (NOK) shares are headed sharply higher this morning after the company indicated the worst may be over for the mobile phone business. For the first quarter, the company posted revenue of 9.276 billion Euros, down 26.7% year over year, and 26.8% sequentially. Revenues from the device business were down 33.4% year over year, and 24.2% from Q4. The Nokia Siemens equipment business was down 12.1% versus a year ago, and 31.1% sequentially. Profits in the quarter on a non-IFRS basis (the equivalent of non-GAAP) were 10 Euro cents per share, versus 39 cents a year ago. Nokia said the industry sold 255 million units in the quarter, down 14% from a year ago, and 16% sequentially; the company itself sold 93.2 million units, down 19% versus last year, and 18% from Q4. The company said its market share in the quarter was 37%, down from 39% a year ago, and unchanged from the previous quarter. Handset ASP in the quarter was down to 65 Euros, from 79 Euros a year ago, and 71 in Q4. But what ... (link)