Nokia (NOK) Shows Profit in Q4 on Back of NSN Joint Venture, ASPs - Analysts

Nokia (NYSE: NOK) is trading lower at the start following fourth-quarter 2012 results issued earlier.

The Finnish outfit reported profit of €0.06 and revs of €8.04 billion, versus €0.06 and ?10 billion reported in the same period last year. For more color on the results, click here.

Analysts are out with a few comments on the results Thursday:

• Nomura -- which rates Nokia at Neutral with a price target of €3.20 -- noted that gross margin and operating expense cuts drove an improvement in Devices & Services margins. Smart Device margins were 18 percent while Mobile Phone margins were about 22 percent.
  
  Nokia Siemens Networks' gross margins improved to 36 percent, versus expectations of 33.5 percent, which is a six-year high for the joint venture.
  
  
• Wells Fargo said Nokia fell a little short of expectations, with the firm modeling revs of €8.3 billion and EPS of €0.07. Total Device and Smart Device volume of 86.3 million and 6.6 million compare with Wells' estimate of 82.3 million and 9.0 million. Smart Device average selling prices (ASPs) of €186 compare with Wells' outlook of €176.
  
  Wells also noted the strength of Nokia Siemens Networks, which provided revs of €3.99 billion and operating margin of 14.4 percent, compared with revs of €3.78 billion and operating margin of 6.0 percent modeled by the firm.

In early trading, Nokia is down 8.9 percent, but off of session lows.

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