Nokia Q1 net slips to 344 m

 In the year-ago period, it had a profit of €349 million. Nokia’s net sales jumped nine per cent to €10.39 billion in the first three months of this year. In the comparable period, it stood at €9.52 billion.

The company also said it has entered into definitive agreement with Microsoft for a strategic partnership. The company noted that in 2011 first quarter, overall industry mobile device volumes were 374 million units. Faced with stiff competition and falling smart phone market share, Nokia hopes to revive its fortunes with Microsoft partnership. The Finnish entity would be using Microsoft’s Windows Phone 7 as the main software for its smart phones.