Nokia beats market expectations with Quarter 1 performance

Nokia beats market expectations with Quarter 1 performance

World’s biggest mobile company Nokia has beaten all market expectations with their first quarter results. The company also sold more mobiles than what the market had predicted for them.

Nokia already sells more than one in three of all mobile phones and is facing growing competition from Motorola, which dominates the US market with their Razr range of mobile phones.

Nokia has gained from emerging markets like Latin America, China and the Middle East and Africa. Earlier, these markets had demand for cheaper handsets though Nokia said that the demand for higher end mobile sets in these markets is increasing as well helping them with their profits.

Nokia’s outgoing Chief Executive Jorma Ollila said in a statement on their performance for the first quarter of the year: “We did continue to gain share in China and India, just to take those as examples of the growth markets. Even if … a large proportion of the products sold are in the entry level and low-priced, we can continue to maintain and even, hopefully, improve our margins.”

The company sold 75.1 million phones in the quarter. This is a phenomenal growth of 40% compared with the same period in the previous year. Its market share is now close to 35%.