Nokia ended 2002 with € 8.8bn cash, a record. And it had a storming Q4, so far as volumes are concerned, shipping a record 46 million handsets in the quarter. The company also claims record market share in Q4, estimating that it produced 39 per cent of all handsets sold in the quarter.

Profits were up 132 per cent to €1.046bn (Q4 2001: € 450m) on flat sales, up just one per cent on Q4, 2001 to €8.843bn. Flat revenues are due to lower average selling prices, while increased profits largely reflect company cost-cutting.

So far as 2003 is concerned, Nokia reckons it will continue to grow market share, on the back of consumer demand for a "new phase of advanced features and services, driven by color screens, imaging, messaging and mobile games". But it warns that sales in Q1 will be lower than in Q1, 2002. ®