Nokia profit soars 65% to euro 948 mn; sales slump

Finnish handset maker Nokia Corp today reported a 65 per cent jump in net profit at euro 948 million for the period ending December 31, 2009, despite a slump in sales figures.

In the year-ago period, the company had a net profit of euro 576 million, Nokia said in a statement.

Nokia's net sales declined by 5 per cent to euro 12 billion in the quarter under review.

The company boosted its share of the mobile phone market to 39 per cent during October to December period of 2009 from 38 per cent in the previous quarter and 37 per cent in the fourth quarter of 2008.

"We grew our market share in smartphones in the fourth quarter, driven by the successful launch of new touch and QWERTY models. Our performance in smartphones, combined with continuing success in the emerging markets, helped us increase sales in our Devices & Services unit, both quarter-on-quarter and year-on-year," Nokia Chief Executive Officer Olli-Pekka Kallasvuo said.

Kallasvuo also attributed good results to its world class supply chain management and impressive sales execution.

The company's sales from devices & services inched up 0.5 per cent to euro 8.2 billion in the fourth quarter of 2009 and 18 per cent since third quarter of 2009.