Nokia Operating Profit Falls 23%

Updated from 6:20 a.m. EST

ESPOO, Finland ( TheStreet) -- Nokia ( NOK), the world's top handset maker, said fourth-quarter operating profit fell 23% to €884 million ($1.21 billion) from €1.14 billion a year earlier despite a sales increase of 6%.

Nokia said Thursday "growth trends in the mobile devices market continue to be encouraging."

On a per-share basis, earnings were €0.20 vs. €0.26.

Nokia said fourth-quarter sales were €12.65 billion vs. almost €12 billion a year earlier. Devices and services sales in the quarter were €8.5 billion, up 4% from a year earlier.

Nokia said it expects devices and services net sales of between €6.8 billion and €7.3 billion in the first quarter of 2011.

Nokia total mobile device volumes in the fourth quarter were 123.7 million units, down 3% from a year earlier and 12% sequentially.

Nokia said its estimated market share shrunk to 31% in the quarter, down from 35% a year earlier.

-- Written by Joseph Woelfel

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