Nokia profits up 65 percent to €948 million in fourth quarter despite slump in sales

Nokia posts €948 million net profit in Q4

HELSINKI — The world’s top mobile phone maker, Nokia Corp., says net profit grew 65 percent in the fourth quarter to €948 million despite falling sales.

The profit was up from €576 million in the last quarter of 2008.

Net sales in the last three months of 2009 dropped 5.3 percent to €12.0 billion, down from €12.7 billion in the same period a year earlier.

Nokia CEO Olli-Pekka Kaalsvuo says Nokia grew its market share in smartphones, driven by the launch of new models.