Nokia Reports Strong First Quarter Financial Results

6:20 am on April 21, 2006 | Category: Business, Cell Phones, Corporate

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The world’s largest handset maker, Nokia Corp., surprised analysts yesterday with better-than-expected first quarter earnings, and an increased worldwide market share.

The company reported that net sales in the quarter that ended March 31 increased by nearly 30% over the same period in 2005, to $11.73 billion. Profits climbed a healthy 21% to $1.3 billion. Global market share also saw an improvement, rising 3 points over last quarter to 35%.

These results impressed investors, and sent the company’s stock up 4.92% yesterday on the Helsinki market.

“This was much better than expected, and Nokia showed strong growth in market share,” said chief analyst, Jussi Hyoty, of FIM Securities in Helsinki.

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    Edited by Jeremy Maddock