Nokia Posts 25% Increase in First-Quarter Profit, but Warns of Slowdown

5:45 am on April 18, 2008 | Category: Business, Cell Phones, Corporate, Mobile Devices

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The world’s leading mobile phone manufacturer, Nokia Corp., has announced a 25% increase in first-quarter net profit, earning €1.22 billion ($1.9 billion) in the first three months of this year.

Net sales came in at €12.6 billion, a 28% increase from the same period last year, fueled by strong demand for handsets in emerging markets such as India. The number of phones sold in the first quarter reached an impressive 115 million, giving the company a 39% share of the global market.

The news wasn’t all good, however, with Nokia executives predicting an upcoming slowdown in the worldwide mobile device market.

“Nokia expects the mobile device market to decline in value in euro terms in 2008, compared to 2007,” the company said in a statement, noting “the negative impact of the recently weakened U.S. dollar, the general economic slowdown in the U.S., and possibly going forward some economic slowdown in Europe.”

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    Published by TeleClick Enterprises
    Edited by Jeremy Maddock