Nokia Q2 2008 results...

Nokia Q2 2008 TOTAL (including Devices/Services and Nokia/Siemens Network) net sales EUR 13.2 billion

About Mobile device results:

NOKIA MOBILE DEVICE VOLUME BY GEOGRAPHIC AREA
(million units)	Q2 2008	Q2 2007	YoY Change	Q1 2008	QoQ Change
Europe	27.1	27.1	0.0%	25.7	5.4%
Middle East & Africa	21.1	17.1	23.4%	20.2	4.5%
Greater China	17.6	15.9	10.7%	21.0	-16.2%
Asia-Pacific	36.4	25.6	42.2%	34.1	6.7%
North America	4.5	4.1	9.8%	2.6	73.1%
Latin America	15.3	11.0	39.1%	11.9	28.6%
Total	122.0	100.8	21.0%	115.5	5.6%

- Nokia net sales of EUR 13.2 billion, up 4% year on year and up 4% sequentially (up 11% and 7% at constant currency).

- Devices & Services net sales of EUR 9.1 billion, down 1% year on year and down 2% sequentially (up 6% and 1% at constant currency).

- Nokia Siemens Networks net sales of EUR 4.1 billion, up 18% year on year and up 20% sequentially (up 26% and 23% at constant currency).

- Services and software net sales of EUR 119 million, up 42% sequentially.

- Nokia diluted EPS of EUR 0.36, up 13% year on year, excluding special items.

- Nokia operating margin of 14.7%, up from 11.1% in Q2 2007 and flat sequentially, excluding special items.

- Devices & Services operating margin of 20.1%, up from 19.4% in Q2 2007 and down sequentially from 21.2%, excluding special items.

- Nokia Siemens Networks operating margin of 3.8%, excluding special items, and 6.7%, excluding special items and purchase price accounting related items arising from the formation of Nokia Siemens Networks.

- Nokia operating cash flow of EUR 1.5 billion. 

- Estimated industry mobile device volumes of 303 million units, up 15% year on year and up 3% sequentially.

- Nokia mobile device volumes of 122 million units, up 21% year on year and up 6% sequentially.

- Nokia estimated mobile device market share of 40%, up from 38% in Q2 2007 and up from 39% sequentially.

- Nokia mobile device ASP of EUR 74, down sequentially from EUR 79 (approximately 40% of the decline was caused by the impact of exchange rate movements).

INDUSTRY AND NOKIA OUTLOOK

- Nokia expects industry mobile device volumes in the third quarter 2008 to be up sequentially.

- Nokia expects its mobile device market share in the third quarter 2008 to be approximately at the same level sequentially.

- Nokia now expects industry mobile device volumes in 2008 to grow 10% or more from the approximately 1.14 billion units Nokia estimated for 2007. This is an update to Nokia's earlier estimation that industry mobile device volumes would grow approximately 10% in 2008.

- Nokia continues to target an increase in its market share in mobile devices in 2008.

- Nokia and Nokia Siemens Networks continue to target for Nokia Siemens Networks market share to remain constant in 2008, compared to 2007.

- Nokia and Nokia Siemens Networks continue to expect the mobile infrastructure and fixed infrastructure and related services market to be flat in Euro terms in 2008, compared to 2007.

- Nokia and Nokia Siemens Networks continued cost synergy target for Nokia Siemens Networks is to achieve substantially all of the EUR 2.0 billion of targeted annual cost synergies by the end of 2008, as previously announced.

Source: Nokia Press Release

SECOND QUARTER 2008 HIGHLIGHTS