Nokia posts Q2 2010 results. Sales are up, but profits are down 42% YoY

Like most of the companies in this time of the year, Nokia has posted its Q2 2010 results, announcing net sales of €10.0 billion – that’s up 1% compared to Q2 2009, and up 5% compared to Q1 2010.

The Finns have sold 111.1 million mobile phones in the quarter – up 8% YoY and up 3% sequentially. 24 million smartphones (aka converged devices) are included here – up 12% sequentially and 42% YoY.

Phone average selling price (ASP) was €61, down from €62 in the previous quarter. Just for comparison, Sony Ericsson’s ASP was €160 – of course, SE sold way fewer handsets than Nokia.

Nokia Siemens Networks sales were €3.0 billion, down 5% YoY but up 12% sequentially (in case you haven’t heard yet, Nokia Siemens has recently announced the purchase of Motorola’s Networks business for $1.2 billion).

Nokia’s overall profit before tax in Q2 2010 was €221 million – down 42% from €380 million in Q2 2009. Despite this, the company’s CEO, Olli-Pekka Kallasvuo (who might be replaced soon) said that “we ended the second quarter with several reasons to be optimistic about our future.”

He also spoke about the Nokia N8, due to be released this quarter, and other upcoming Symbian^3 devices:

“We believe that the Nokia N8, the first of our Symbian^3 devices, will have a user experience superior to that of any smartphone Nokia has created. The Nokia N8 will be followed soon thereafter by further Symbian^3 smartphones that we are confident will give the platform broader appeal and reach, and kick-start Nokia’s fightback at the higher end of the market.”

So it looks like Nokia sees the N8 as the best thing they’ve ever made. Well, only sales numbers and user feedback will be the judge of this (though I’m confident that sales will be really high, because the N8 has tons of features and costs only about €370).

If you want more details on Nokia’s Q2 results, see this press release.

Author: Florin

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