Video: Nokia’s outlook

updated 4/21/2005 10:35:00 AM ET 2005-04-21T14:35:00

Nokia Corp., the world’s largest mobile phone maker, reported double-digit growth in first-quarter revenue and profits on Thursday, and raised its earlier estimate of the global mobile handset market in 2005 to 740 million units.

In the three months ended March 31, net profit jumped 18 percent to 863 million euros ($1.1 billion), or 19 euro cents (25 U.S. cents) a share, from 729 million, euros or 16 euro cents a share, a year earlier. Net sales rose 17 percent to 7.39 billion euros ($9.65 billion) from the same period in 2004.

Chief Executive Jorma Ollila said he was “extremely satisfied” with the company’s performance, adding that global growth in the mobile market in the quarter — at 20 percent — had exceeded company expectations “with Nokia growing at about the same pace.”

Nokia handset sales grew by 11 percent in the quarter, to 4.52 billion euros ($5.9 billion), the Finnish company said.

The group’s second-quarter sales were expected to exceed 7.9 billion euros ($10.3 billion), compared with 6.3 billion euros in 2004, Nokia said.

The company also raised its estimate for global handset sales in 2005 by about 15 percent, to 740 million, from an earlier estimate of 640 million.

Nokia, based in Espoo just outside the Finnish capital, has sales in 130 countries and about 55,500 employees.

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