Nokia reports weaker than expected first quarter results
During Q1, Nokia sold 108 million handsets at an average price of 62 EUR. To show the effect of competition, last year the company sold 93 million units in the same period, but at a higher average selling price of 65 EUR. The company did manage to pick up a little market share according to estimates that show Nokia with a 33% piece of the mobile device market vs. 32% last year. The company has been trying to beat back the competition by offering items like free navigation on some models. There are also battles going on in the software area where Nokia has announced that its first handset to use the new Symbian 3 OS will be shipped later than expected in the third quarter. For the industry as a whole, Nokia forecasts 10% growth in handset shipments during 2010. Nokia's shares have declined by nearly 15% following the release of the report.