Annual results of Nokia

According to a press release, Nokia’s operating profit reached Euro 2.17 billion (US-$ 2.84 billion), a plus of 73 percent compared with 2009, resulting in a net profit of Euro 1.343 billion (US-$ 1.84 billion), compared with a profit of Euro 260 million (US-$ 353.5 million) in 2009. The Board of Directors will propose a dividend of Euro 0.40 (US-$ 0.55) to the company’s Annual General Meeting. The company’s net sales and profitability benefited from improved economic and financial conditions following the significant deterioration in demand during the second half of 2008 and 2009, the company said. Intensified competition, however, had a negative impact on Nokia’s Devices & Services business, which was also affected in the second half of 2010 by shortages of certain components. Sales of mobile phones declined by 5 percent to Euro 14.35 billion (US-$ 19.67 billion) in 2010, while the turnover with converged mobile devices including smartphones and mobile computers increased 17 percent to Euro 14.8 billion (US-$ 20.3 billion). In terms of volume, Nokia sold 352.6 million mobile phones in 2010 (- 3 percent) and 100.3 million converged mobile devices (+ 48 percent). The company’s market share declined from 34 percent in 2009 to 32 percent in 2010.