Nokia Shares Jump as Q2 Results Top Expectations

July 17, 2008 at 7:25 am PT

Nokia (NOK) shares are headed higher this morning on better-than-expected second-quarter results.

For the quarter, the company posted net sales of $13.151 billion Euros, up 4 percent both year-over-year and sequentially, and ahead of the Street consensus of 12.8 billion Euros. Earnings per share, excluding special items, were in line at 36 Euro cents.

The company sold 122 million phones in the quarter, up 21 percent year-over-year and 6 percent sequentially. Smartphone units totaled 15.3 million; the company estimates the industry shipped 37.1 million smartphones in Q2. Average selling prices fell to 74 Euros from 90 a year ago and 79 in the first quarter. Nokia said 30 percent of the year over year decline and 40 percent of the sequential decline reflected exchange-rate related factors.

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