Nokia (NOK) Ekes Out Q2 Win, Reports Narrower than Expected Loss; Ships 4M Lumia Devices

July 19, 2012 7:43 AM EDT
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Nokia (NYSE: NOK) shares are popping in pre-market action following release of its second-quarter 2012 report, which beat consensus expectations.

Revenue at the Finnish mobile device giant fell 19 percent from €9.275 billion down to €7.542 billion. The Street called for revs of €7.58 billion.

On non-IFRS basis, Nokia moved from net profit of €391 million to a loss of €327 million, or €0.08 per share. The Street was looking for a slightly wider loss of €0.09 per share.

In its Devices & Services segment, Nokia reported a 26 percent decline in sales to €4.023 billion, with smart device sales clipped 34 percent. Shipments of the Lumia smartphone series totaled 4 million units in the quarter.

Mobile device volume fell 11 percent while Smart Device sales volume dropped 39 percent.

Average selling price (ASP) per device fell 23 percent to €48, with smart device ASP increasing 7 percent to €151.

Also of note, Location & Commerce adjusted operating profit rose 486 percent to €41 million. Nokia Siemens adjusted operating profit fell 33 percent to €27 million.

Shares of Nokia are indicated over 10 percent better in pre-market action.

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