Nokia has reported a slump in profits for the quarter ended March 31 2011. It reported its results for the first quarter today (21 April).
The manufacturer reported a profit of 439m euros – down 10% from the same quarter in 2010 and down 50% sequentially.
Nokia reported sales of 10.4bn euros – up 9% year on year but down 18% sequentially.
It shipped 108.5 million units in the first quarter of 2011, up 1% year on year but down 12% sequentially.
Meanwhile, Nokia saw a 13% year on year increase in smartphone shipments, to 24.2 million units. Average selling price was 65 euros – up from 62 euros in Q1 2011 but down from 69 euros in Q4 2010.
Nokia CEO Stephen Elop said: ‘In the first quarter, we shifted from defining our strategy to executing our strategy. On this front, I am pleased to report that we signed our definitive agreement with Microsoft and already our product design and engineering work is well under way.
‘Following a solid first quarter, we expect a more challenging second quarter. However, we are encouraged by our roadmap of mobile phones and Symbian smartphones, which we will ship through the balance of the year. We are fully focused on delivering the needed accountability, speed and results to positively drive our future financial performance.’