Nokia Q2 2005, price competition pressure

Jul 21 2005 - 10:08 AM ET | Nokia

Nokia saw a modest rise in net income during the second quarter, but intense price pressure in the sector lowered Nokia's operating margins. So far this quarter, only Motorola has announced positive results.

Nokia predicts a weak third-quarter and as a result shares in the company have falled almost 10%.

Other details from the statement:

• Net income of $970.8 million, 15% above the same period last year
• Revenue rose 25%
• 60.8 million mobile phone units were shipped
• Sales in North America fell by 22% while China saw an increase of 76%.

Nokia is forecasting that sales of mobile phones this year will total 760 million units.