Nokia Q2 2008 Results

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Nokia today released its 2nd quarter results for 2008. Converged mobile device shipments (S60 phones) were 15.3 million (up from 13.9 million in Q2 2007) including more 10 million Nseries and just under 2 million Eseries devices. Net sales from the services and software division was EUR 119 million (up 42% from Q1 2008). Nokia increased its overall market share to 40%, up from 38% last year and 39% last quarter.

Other interesting highlights from the results include:

  • The average selling price of a Nokia phone feel to EUR 74 from EUR 79. This was driven partly by a weaker US dollar, but also by proportionally higher sales of low cost models.
  • Operating profit was down 38% year on year due to one off charges related to the factory closure in Germany and charges assoicated with Nokia Siemens Networks.
  • Decreased consumer spending impacted phone sales in the US and Europe, but was offset by growth on developing markets. Overall net sales were up 4% from last year (and last quarter).
  • Nokia sold 122 million devices, up 22% year on year and up 6% sequentially.