Nokia’s Q1 2013 results are out and two biggest highlights for us are Lumia sales increasing to 5.6 million, the highest ever and Nokia ending the quarter with robust EUR 4.5 billion net cash. Not only this Nokia expects Lumia growth in Q2 to exceed sequential growth of 27% seen in Q1 over Q4 2012. With Lumia 520 and 720 getting launched and Lumia 620 launching in more markets we can understand So, here are the quick highlights.

  • Nokia Group net sales in Q1 2013 were EUR 5.9 billion
  • Lumia Q1 volumes increased 27% quarter-on-quarter to 5.6 million units, reflecting increasing momentum. 2/3 of these 5.6 million Lumias were Lumia WP8 devices.
  • Total smartphone volume was 6.1 million with ASP of EUR 191, which is 3% higher than ASP of 186 in Q4 2012.
  • Nokia Group ends first quarter 2013 with a strong balance sheet and solid cash position. Gross cash was EUR 10.1 billion and net cash was EUR 4.5 billion.
  • Nokia Group, Devices & Services and  Nokia Siemens Networks achieved underlying operating profitability with a Q1 non-IFRS operating margin of 3.1%.

This is what CEO Elop had to say,

“At the highest level, we are pleased that Nokia Group achieved underlying operating profitability for the third quarter in a row. While operating in a highly competitive environment, Nokia is executing our strategy with urgency and managing our costs very well.

We have areas where we are making progress, and areas where we are further increasing the focus. For example, people are responding positively to the Lumia portfolio, and our volumes are increasing quarter over quarter. Nokia Siemens Networks delivered another strong quarter and contributed to an overall improvement in Nokia Group’s cash position. On the other hand, our Mobile Phones business faces a difficult competitive environment, and we are taking tactical actions and bringing new innovation to market to address our challenges.

All of these efforts are aimed at improving our financial performance and delivering more value to our shareholders.”

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