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Nokia welcomes a slow 2010

More money, just not very much more

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Nokia's first three months of 2010 were passable, but not good enough for investors, and the company saw fewer handsets going to the USA.

Net sales hit €9.5bn - three per cent more than Nokia made in the first part of 2009. Operating profit jumped to €488m, which compares well to the paltry €55m in same period last year, but not well enough for investors who responded by dropping the share price more than 12 per cent.

Nokia still shipped more than 107 million devices, with a big jump in the number of "converged mobile devices", which now includes the company's netbooks. Despite that the average price of Nokia kit dropped to €62, so even with an increased margin - just over 12 per cent from the 10.4 per cent it was last year - there's not a great deal more money coming in.

The news from across the Atlantic is not wonderful either. Net sales in North America have dropped by 27 per cent since last year, which means that Latin America is now bringing in twice the revenue on more than three times the number of handsets.

Not a bad start to the year for the Finns, but not as good as the markets were hoping, which is really what matters. ®

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