Nokia, the world's leading mobile phone maker, today posted strong first quarter results but saw its market share slip and missed market forecasts, sending its share price tumbling.
Net profit for the January-March quarter rose by 25% to €1.22 billion from the same time a year ago, while sales grew 13% to €12.66 billion.
The Finnish mobile phone giant's market share in the first quarter of the year stood at 39%. This compared to 36% the same time last year, but down from 40% in the fourth quarter of 2007.
Nokia said it expected its market share to increase in the second quarter compared to the first three months of the year.
The company said its handsets on average sold for €79 each in the first quarter, missing analyst estimates for a price of €81. It reiterated that it expected the global mobile device market to grow by around 10% this year.
