Selling 100 million mobile devices, an increase of 29 percent over last year, helped more than double Q2 profits for Nokia (Nasdaq: NOK). Net income was $3.85 billion, a gain of 156.7 percent over last year’s $1.5 billion. Net sales increased about 30 percent to $17 billion, compared with $13 billion in Q206. The AP reported that the company beat the markets expectations, sending shares up 8 percent. Other Q2 highlights included:
– Mobile phones: Net sales were flat at $8 billion. The segment’s operating profit grew 28 to $1.7 billion, compared with $1.3 billion
– Multimedia: Net sales gained 38.5 percent to $3.6 billion versus last year’s $2.6 billion.
Updated: News.com on Nokia’s relative success and how it could make more headway in U.S.: “In the U.S., where at least 220 million people subscribe to cell phone service, Nokia only sells a handful of midrange phones through operators..and some of the company’s high-end phones directly through the Nokia site…But that could change. All the hype surrounding Apple’s iPhone could help draw comparisons to Nokia’s high-end phones. And this interest could help lift sales. If Nokia is able to capitalize on a shift in consumer behavior in the U.S., Motorola may have an even harder time catching up to Nokia.”