Apple inc,has overtaken Nokia to become the world’s largest handset Vendor in revenue terms during the first quarter of 2011,Strategy Analytic said.’In Revenue terms,Apple is now the world’s largest handset vendor,smartphone vendor and tablet vendor’,Strategy Analytic said on Thursday in an e-mailed statement.In a Related development ,Nokia admitted that its market share around the world dropped below 30% for the first time in over a decade,as the worlds top cell phone maker continued to lose ground to its rivals.
Despite the increase in Smartphone sales,Nokia Confirmed that its overall global market share plunged to 29% from 33% a year earlier and 31% in the previous quarter.The Company’s total handset sales were only slightly up at 108.5 million,Nokia Said.
“However,Nokia Reported better-than expected first quarter profits on thursday.Though the Finnish company said its net profit for the quarter fell €5 million to €344 million a year earlier,the markets were impressed by the news that operating profit instead of the anticipated 40% decline.Nokia shares were up 3% at €6.11 in afternoon trading in Helsinki.
Elsewhere in its statement,Nokia revealed that its revenues grew by 9% to €10.40 billion from €9.52 billion in the same period in 2010,while smartphone sales were up 6% at €7 billion.CEO Stephen Elop said Nokia has now signed a definitive deal with Microsoft to develop software for smartphones and that producxt designed and engineering work was well under way.But he cautioned that the company forced a more challenging second quarter.
Nokia said “the tsunami and earthquake in Japan had disrupted the supply of some components linked to Japanese suppliers and would impact its result in the second quarter.
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