Nokia reports drop in net profit

HELSINKI: Nokia, the world's leading mobile phone maker, on Thursday, 16 April 2009, reported a 90% drop in its first quarter net profit to €122-million amid falling sales and lower prices for its handsets. Chief executive Olli-Pekka Kallasvuo said Nokia's sales from January to March were dented as retailers held back on ordering new handsets. Its market share of 37% was down from 39% in the same quarter a year ago, but was stable from the fourth quarter. Nokia said it expected its market share to rise in the second quarter. After the results were released, Nokia shares surged 9.5% to €11.05 on the Helsinki stock exchange, which was 4.05% higher.