Nokia's first quarter 2008 net sales increased 28% to EUR 12.7 billion, compared with EUR 9.9 billion in the first quarter 2007. At constant currency, group net sales would have increased 35%.

First quarter 2008 operating profit grew 20% to EUR 1.5 billion (including the EUR 333 million net negative impact of special items), compared with EUR 1.3 billion in the first quarter 2007 (including a EUR 69 million negative impact of special items). The special items for the first quarter 2008 included a EUR 217 million loss due to transfer of Finnish pension liabilities (impacting Common Group Functions), a EUR 65 million gain due to transfer of Finnish pension liabilities (impacting Nokia Siemens Networks operating profit) and a EUR 100 million restructuring charge in Nokia Siemens Networks (impacting Nokia Siemens Networks operating profit). The special items for the first quarter 2008 also included a EUR 81 million facilities impairment and other charges related to the closure of the Bochum site in Germany (impacting Devices & Services operating profit), which did not include any of the people related costs of EUR 200 million already disclosed. The remaining charges are expected to be recorded during the subsequent periods in 2008. Nokia's first quarter 2008 operating margin was 12.1% (12.9%), including the EUR 333 million net negative impact of the special items. Excluding the special items, Nokia's first quarter 2008 operating margin was 14.7% (13.6%).

Operating cash flow for the first quarter 2008 was EUR 0.8 billion, compared with EUR 1.6 billion for the first quarter 2007, and total combined cash and other liquid assets were EUR 10.4 billion on March 31, 2008, compared with EUR 11.8 billion at December 31, 2007. As of March 31, 2008, our net debt-equity ratio (gearing) was -53%, compared with -61% at December 31, 2007.

- Nokia net sales of EUR 12.7 billion, up 28% year on year (up 35% at constant currency).
- Nokia diluted EPS of EUR 0.38, growing 46% from Q1 2007, excluding special items.
- Nokia operating margin of 14.7%, up year on year from 13.6% in Q1 2007, down sequentially from 15.9% in Q4 2007, excluding special items.
- Nokia Devices & Services operating margin of 21.2%, up year on year from 16.0%, down sequentially from 22.8% in Q4 2007, excluding special items.
- Nokia operating cash flow of EUR 0.8 billion.
- Nokia device volumes of 115.5 million units, up 27% year on year and down 13% sequentially.
- Estimated industry device volumes of 295 million units, up 17% year on year and down 12% sequentially.
- Nokia estimated device market share of 39%, up from 36% in Q1 2007 and down from 40% in Q4 2007.
- Nokia device ASP of EUR 79, down from EUR 83 in Q4 2007. (Device ASP excludes net sales from Services & Software)
- Nokia Siemens Networks operating margin was -1.1%, excluding special items, and was a positive 2.4%, excluding special items and purchase price accounting related items arising from the formation of Nokia Siemens Networks.