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Thursday, Jul 18
Nokia (NOK -0.1%) has nearly erased its post-earnings losses, as Nokia Siemens' performance...
Nokia (NOK -0.1%) has nearly erased its post-earnings losses, as Nokia Siemens' performance (€328M non-IFRS op. profit, up from Q1's €194M and Q2 2012's €28M) overshadow soft phone sales (partly priced in). But the sell-side is worried about Nokia's phone ASP, which fell to €45 ($59) from Q1's €47 in spite of a mix shift towards smartphones. Smartphone ASP was €157, up from €151 a year ago (no more Symbian), but down from €191 in Q1 (Lumia 520 sales). Feature phone ASP fell to a mere €26 from €28 in Q1 and €31 a year ago (105 sales?). Smartphone units +21% Q/Q and -27% Y/Y, feature phones -4% Q/Q and -27% Y/Y. 4.3M Asha sales vs. 5M in Q1 and 9.3M in Q4. Needham has cut shares to Hold. (previous: I, II, III)