Nokia has released its 4th quarter financial results and they are OK (I think). I like the fact that the highlights start with net sales being down 5%. Curious choice of words.

- Nokia net sales of EUR 12.0 billion, down 5% year on year and up 22% sequentially (down 4% and up 20% at constant currency).
- Devices & Services net sales of EUR 8.2 billion, up 0.5% year on year and up 18% sequentially (up 2% and 16% at constant currency).
- Services net sales of EUR 169 million, up 15% sequentially; billings of EUR 226 million, up 31% sequentially.
- Estimated industry mobile device volumes of 329 million units, up 8% year on year and up 14% sequentially.
- Nokia mobile device volumes of 126.9 million units, up 12% year on year and up 17% sequentially.
- Nokia estimated mobile device market share of 39% in Q4 2009, up from an estimated 37% in Q4 2008 and 38% in Q3 2009. The full year 2009 estimated market share was 38%, down from 39% in 2008.
- Nokia grew its converged device market share to an estimated 40%, from an estimated 35% in Q3 2009.
- Nokia improved the ASP of its mobile devices to EUR 63, from EUR 62 in Q3 2009.
- Devices & Services increased its gross margin to 34.3%, from 30.9% in Q3 2009.
- NAVTEQ non-IFRS net sales of EUR 225 million, up 9% year on year and up 36% sequentially, and non-IFRS operating margin of 24.0%, down from 25.9% in Q3 2009.
- Nokia Siemens Networks net sales of EUR 3.6 billion, down 16% year on year and up 31% sequentially (down 17% and up 29% at constant currency).
- Nokia operating cash flow of EUR 1.5 billion, more than double the operating cash flow for Q3 2009.
- Total cash and other liquid assets of EUR 8.9 billion at the end of Q4 2009.
- Nokia taxes were unfavorably impacted by Nokia Siemens Networks taxes as no tax benefits are recognized for certain Nokia Siemens Networks deferred tax items. If Nokia’s estimated long-term tax rate of 26% had been applied, non-IFRS Nokia EPS would have been approximately 1 Euro cent higher.