Nokia Q1 2010 net sales EUR 9.5 billion, non-IFRS EPS EUR 0.14 (reported EPS EUR 0.09)
FIRST QUARTER 2010 HIGHLIGHTS
- Nokia net sales of EUR 9.5 billion, up 3% year-on-year and down 21% sequentially (up 1% and down 21% at constant currency).
- Devices & Services net sales of EUR 6.7 billion, up 8% year-on-year and down 19% sequentially (up 7% and down 19% at constant currency).
- Services net sales of EUR 148 million, down 12% sequentially; billings of EUR 228 million, up 1% sequentially.
- Nokia total mobile device volumes of 107.8 million units, up 16% year-on-year and down 15% sequentially.
- Nokia converged mobile device (smartphone and mobile computer) volumes of 21.5 million units, up 57% year-on-year and up 3% sequentially.
- Nokia mobile device ASP (including services revenue) of EUR 62, down from EUR 64 in Q4 2009.
- Devices & Services gross margin of 32.4%, down from 33.8% in Q1 2009 and 34.3% in Q4 2009.
- Devices & Services non-IFRS operating margin of 12.1%, up from 10.4% in Q1 2009 and down from 15.4% in Q4 2009.
- NAVTEQ non-IFRS net sales of EUR 189 million, up 41% year-on-year and down 16% sequentially (up 46% and down 18% at constant currency).
- Nokia Siemens Networks net sales of EUR 2.7 billion, down 9% year-on-year and down 25% sequentially (down 12% and 27% at constant currency).
- Nokia Siemens Networks non-IFRS operating margin of 0.6%, up from -4.1% in Q1 2009 and down from 5.5% in Q4 2009.
- Nokia operating cash flow of EUR 1.0 billion.
- Total cash and other liquid assets of EUR 9.7 billion at the end of Q1 2010.
- Nokia taxes were unfavorably impacted by Nokia Siemens Networks taxes as no tax benefits are recognized for certain Nokia Siemens Networks deferred tax items. If Nokia's estimated long-term tax rate of 26% had been applied, non-IFRS Nokia EPS would have been approximately 1 Euro cent higher.
OLLI-PEKKA KALLASVUO, NOKIA CEO:
"In Q1, Nokia delivered both year-on-year net sales and operating profit growth. We continue to face tough competition with respect to the high end of our mobile device portfolio, as well as challenging market conditions on the infrastructure side.
During the quarter, we also demonstrated our ability to deliver the Nokia smartphone experience to consumers on a global scale, with our smartphone shipments up by more than 50% year-on-year. The consumer response to the inclusion of our walk and drive navigation offering on our smartphones has been tremendous. Since launching in January, 10 million Nokia smartphone users around the world have downloaded the offering.
In infrastructure, Nokia Siemens Networks' profitability benefited from a positive sales mix in Q1. I am also pleased to see encouraging results from the company's focus on helping operators meet the challenge of the rapid growth in data and signaling traffic from smartphones."
INDUSTRY AND NOKIA OUTLOOK
- Nokia expects Devices & Services net sales to be between EUR 6.7 billion and EUR 7.2 billion in the second quarter 2010.
- Nokia expects its non-IFRS operating margin in Devices & Services to be between 9% to 12% in the second quarter 2010.
- Nokia and Nokia Siemens Networks expect Nokia Siemens Networks' net sales to be between EUR 3.1 billion and EUR 3.4 billion in the second quarter 2010.
- Nokia and Nokia Siemens Networks expect the non-IFRS operating margin in Nokia Siemens Networks to be between 0% to 3% in the second quarter 2010.
- Nokia continues to expect industry mobile device volumes to be up approximately 10% in 2010, compared to 2009 (based on its revised definition of the industry mobile device market applicable beginning in 2010).
- Nokia continues to target its mobile device volume market share to be flat in 2010, compared to 2009.
- Nokia continues to target to increase its mobile device value market share slightly in 2010, compared to 2009.
- Nokia continues to target non-IFRS operating expenses in Devices & Services of approximately EUR 5.7 billion in 2010.
- Nokia now targets Devices & Services non-IFRS operating margin of 11% to 13% in 2010. This is an update to Nokia's earlier Devices & Services non-IFRS operating margin target of 12% to 14% in 2010.
- Nokia and Nokia Siemens Networks continue to expect a flat market in euro terms for the mobile and fixed infrastructure and related services market in 2010, compared to 2009.
- Nokia and Nokia Siemens Networks continue to target Nokia Siemens Networks to grow faster than the market in 2010.
- Nokia and Nokia Siemens Networks continue to target Nokia Siemens Networks to reduce its non-IFRS annualized operating expenses and production overheads by EUR 500 million by the end of 2011, compared to the end of 2009.
- Nokia and Nokia Siemens Networks continue to target Nokia Siemens Networks non-IFRS operating margin of breakeven to 2% in 2010.
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