Nokia Q4 2010 net sales EUR 12.7 billion, non-I...

Nokia Board of Directors will propose a dividend of EUR 0.40 per share for 2010
(EUR 0.40 per share for 2009).

Nokia Corporation
Interim Report
January 27, 2011 at 13.00 (CET +1)

This is a summary of the fourth quarter and annual results 2010 interim report
published today. The complete fourth quarter and annual results 2010 interim
report, including the full year 2010 information and tables, is available at


http://www.nokia.com/results/Nokia_results2010Q4e.pdf. Investors should not rely
on summaries of our interim reports only, but should review the complete interim
reports with tables.

+-----------+-----------------------------------------+-+----------------------+
|           |                                         | |Non-IFRS full year    |
|           |Non-IFRS fourth quarter 2010 results1    | |2010 results1         |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|           |       |       |     YoY|       |     QoQ| |      |      |     YoY|
|EUR million|Q4/2010|Q4/2009|  Change|Q3/2010|  Change| |  2010|  2009|  Change|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|Net sales  | 12 653| 11 988|      6%| 10 271|     23%| |42 451|40 987|      4%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Devices &|       |       |        |       |        | |      |      |        |
|Services   |  8 501|  8 179|      4%|  7 174|     18%| |29 138|27 853|      5%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  NAVTEQ   |    309|    225|     37%|    252|     23%| | 1 003|   673|     49%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Nokia    |       |       |        |       |        | |      |      |        |
|Siemens    |       |       |        |       |        | |      |      |        |
|Networks   |  3 961|  3 625|      9%|  2 943|     35%| |12 661|12 574|      1%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|           |       |       |        |       |        | |      |      |        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|Operating  |       |       |        |       |        | |      |      |        |
|profit     |  1 090|  1 473|    -26%|    634|     72%| | 3 204| 3 503|     -9%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Devices &|       |       |        |       |        | |      |      |        |
|Services   |    961|  1 257|    -24%|    750|     28%| | 3 162| 3 488|     -9%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  NAVTEQ   |    100|     54|     85%|     74|     35%| |   265|   121|    119%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Nokia    |       |       |        |       |        | |      |      |        |
|Siemens    |       |       |        |       |        | |      |      |        |
|Networks   |    145|    201|    -28%|   -116|        | |    95|    28|    239%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|           |       |       |        |       |        | |      |      |        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|Operating  |       |       |        |       |        | |      |      |        |
|margin     |   8.6%|  12.3%|        |   6.2%|        | |  7.5%|  8.5%|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Devices &|       |       |        |       |        | |      |      |        |
|Services   |  11.3%|  15.4%|        |  10.5%|        | | 10.9%| 12.5%|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  NAVTEQ   |  32.4%|  24.0%|        |  29.4%|        | | 26.4%| 18.0%|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Nokia    |       |       |        |       |        | |      |      |        |
|Siemens    |       |       |        |       |        | |      |      |        |
|Networks   |   3.7%|   5.5%|        |  -3.9%|        | |  0.8%|  0.2%|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|           |       |       |        |       |        | |      |      |        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|EPS, EUR   |       |       |        |       |        | |      |      |        |
|Diluted    |   0.22|   0.25|    -12%|   0.14|     57%| |  0.61|  0.66|     -8%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|           |                                         | |Reported full year    |
|           |Reported fourth quarter 2010 results     | |2010 results          |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|           |       |       |     YoY|       |     QoQ| |      |      |     YoY|
|EUR million|Q4/2010|Q4/2009|  Change|Q3/2010|  Change| |  2010|  2009|  Change|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|Net sales  | 12 651| 11 988|      6%| 10 270|     23%| |42 446|40 984|      4%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Devices &|       |       |        |       |        | |      |      |        |
|Services   |  8 499|  8 179|      4%|  7 173|     18%| |29 134|27 853|      5%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  NAVTEQ   |    309|    225|     37%|    252|     23%| | 1 002|   670|     50%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Nokia    |       |       |        |       |        | |      |      |        |
|Siemens    |       |       |        |       |        | |      |      |        |
|Networks   |  3 961|  3 625|      9%|  2 943|     35%| |12 661|12 574|      1%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|           |       |       |        |       |        | |      |      |        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|Operating  |       |       |        |       |        | |      |      |        |
|profit     |    884|  1 141|    -23%|    403|    119%| | 2 070| 1 197|     73%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Devices &|       |       |        |       |        | |      |      |        |
|Services   |  1 018|  1 219|    -16%|    807|     26%| | 3 299| 3 314|   -0.5%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  NAVTEQ   |    -19|    -56|        |    -48|        | |  -225|  -344|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Nokia    |       |       |        |       |        | |      |      |        |
|Siemens    |       |       |        |       |        | |      |      |        |
|Networks   |      1|     17|    -94%|   -282|        | |  -686|-1 639|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|           |       |       |        |       |        | |      |      |        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|Operating  |       |       |        |       |        | |      |      |        |
|margin     |   7.0%|   9.5%|        |   3.9%|        | |  4.9%|  2.9%|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Devices &|       |       |        |       |        | |      |      |        |
|Services   |  12.0%|  14.9%|        |  11.3%|        | | 11.3%| 11.9%|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  NAVTEQ   |  -6.1%| -24.9%|        | -19.0%|        | |-22.5%|-51.3%|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|  Nokia    |       |       |        |       |        | |      |      |        |
|Siemens    |       |       |        |       |        | |      |      |        |
|Networks   |   0.0%|   0.5%|        |  -9.6%|        | | -5.4%|-13.0%|        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|           |       |       |        |       |        | |      |      |        |
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+
|EPS, EUR   |       |       |        |       |        | |      |      |        |
|Diluted    |   0.20|   0.26|    -23%|   0.14|     43%| |  0.50|  0.24|    108%|
+-----------+-------+-------+--------+-------+--------+-+------+------+--------+

Note 1 relating to non-IFRS results: Non-IFRS results exclude special items for
all periods. In addition, non-IFRS results exclude intangible asset
amortization, other purchase price accounting related items and inventory value
adjustments arising from i) the formation of Nokia Siemens Networks and ii) all
business acquisitions completed after June 30, 2008. More specific information
about the exclusions from the non-IFRS results may be found in our complete
interim report with tables on pages 3-4, 13-15 and 18 for the quarterly periods
and pages 28-30 and 32 for the full year 2010 and 2009.

Nokia believes that these non-IFRS financial measures provide meaningful
supplemental information to both management and investors regarding Nokia's
performance by excluding the above-described items that may not be indicative of
Nokia's business operating results. These non-IFRS financial measures should not
be viewed in isolation or as substitutes to the equivalent IFRS measure(s), but
should be used in conjunction with the most directly comparable IFRS measure(s)
in the reported results. A reconciliation of the non-IFRS results to our
reported results for Q4 2010 and Q4 2009 as well as for full year 2010 and 2009
can be found in the tables on pages 11, 13-16 and 27-32 of our complete interim
report with tables. A reconciliation of our Q3 2010 non-IFRS results can be
found on pages 12-13 and 15-19 of our Q3 2010 complete interim report with
tables that was published on October 21, 2010.

FOURTH QUARTER 2010 HIGHLIGHTS
- Nokia net sales of EUR 12.7 billion in Q4 2010, up 6% year-on-year and 23%
sequentially (flat and up 24% at constant currency).
- Devices & Services net sales of EUR 8.5 billion in Q4 2010, up 4% year-on-year
and 18% sequentially (down 3% and up 19% at constant currency).
- Services net sales of EUR 201 million in Q4 2010, up 21% year-on-year and 26%
sequentially; billings of EUR 352 million, up 57% year-on-year and 8%
sequentially.
- Nokia total mobile device volumes of 123.7 million units in Q4 2010, down 3%
year-on-year and up 12% sequentially.

- Nokia converged mobile device (smartphone and mobile computer) volumes of
28.3 million units in Q4 2010, up 36% year-on-year and 7% sequentially.
- Nokia mobile device ASP (including services revenue) of EUR 69 in Q4 2010, up
from EUR 64 in Q4 2009 and EUR 65 in Q3 2010.
- Devices & Services gross margin of 29.2% in Q4 2010, down from 34.3% in Q4
2009 and up from 29.0% in Q3 2010.
- Devices & Services non-IFRS operating margin of 11.3% in Q4 2010, down from
15.4% in Q4 2009 and up from 10.5% in Q3 2010.
- NAVTEQ net sales of EUR 309 million in Q4 2010, up 37% year-on-year and 23%
sequentially (up 33% and 27% at constant currency).
- Nokia Siemens Networks net sales of EUR 4.0 billion in Q4 2010, up 9% year-on-
year and 35% sequentially (up 7% and 37% at constant currency).
- Nokia Siemens Networks non-IFRS operating margin of 3.7% in Q4 2010, down from
5.5% in Q4 2009 and up from -3.9% in Q3 2010.
- Nokia operating cash flow of EUR 2.4 billion and cash generated from
operations of EUR 2.5 billion in Q4 2010.
- Total cash and other liquid assets of EUR 12.3 billion and net cash and other
liquid assets of EUR 7.0 billion at the end of Q4 2010.
- Nokia taxes continued to be unfavorably impacted by Nokia Siemens Networks
taxes as no tax benefits are recognized for certain Nokia Siemens Networks
deferred tax items. In Q4 2010, this was more than offset by a favorable profit
mix and certain current quarter benefits both in Devices & Services and in Nokia
Siemens Networks taxes. If Nokia's estimated long-term tax rate of 26% had been
applied, non-IFRS Nokia EPS would have been approximately 2.5 Euro cents lower
in Q4 2010.

FULL YEAR 2010 HIGHLIGHTS
- Based on Nokia's preliminary estimate, industry mobile device volumes
increased 13% in 2010, compared to 2009 (based on Nokia's revised definition of
the industry mobile device market applicable beginning in 2010).
- Based on Nokia's preliminary market estimate, Nokia's mobile device volume
market share decreased to 32% in 2010, compared to 34% in 2009 (based on Nokia's
revised definition of the industry mobile device market share applicable
beginning in 2010).
- Nokia's estimated mobile device value market share was down slightly in 2010,
compared to 2009.
- Nokia's non-IFRS operating expenses in Devices & Services were approximately
EUR 5.6 billion in 2010, compared to EUR 5.8 billion in 2009.
- Devices & Services non-IFRS operating margin was 10.9% in 2010, compared to
12.5% in 2009.
- Based on preliminary estimates, Nokia and Nokia Siemens Networks believe the
market for mobile and fixed infrastructure and related services was
approximately flat in Euro terms in 2010, compared to 2009.
- Based on preliminary estimates, Nokia and Nokia Siemens Networks believe Nokia
Siemens Networks grew slightly faster than the market in Euro terms in 2010,
compared to 2009.
- Nokia Siemens Networks non-IFRS operating margin of 0.8% in 2010, compared to
0.2% in 2009.

STEPHEN ELOP, NOKIA CEO:
"In Q4 we delivered solid performance across all three of our businesses, and
generated outstanding cash flow. Additionally, growth trends in the mobile
devices market continue to be encouraging. Yet, Nokia faces some significant
challenges in our competitiveness and our execution. In short, the industry
changed, and now it's time for Nokia to change faster."

NOKIA OUTLOOK
- Nokia expects Devices & Services net sales to be between EUR 6.8 billion and
EUR 7.3 billion in the first quarter 2011.
- Nokia expects its non-IFRS operating margin in Devices & Services to be
between 7% and 10% in the first quarter 2011.
- Nokia and Nokia Siemens Networks expect Nokia Siemens Networks' net sales to
be between EUR 2.8 billion and EUR 3.1 billion in the first quarter 2011.
- Nokia and Nokia Siemens Networks expect the non-IFRS operating margin in Nokia
Siemens Networks to be between -3% and breakeven in the first quarter 2011.

Nokia will hold a Strategy and Financial Briefing in London on February
11, 2011. In connection with that event, Nokia plans to discuss its strategy and
objectives going forward.

FOURTH QUARTER 2010 FINANCIAL HIGHLIGHTS
The non-IFRS results exclusions
Q4 2010 - EUR 206 million (net) consisting of:
- EUR 28 million restructuring charge and other associated items in Nokia
Siemens Networks
- EUR 85 million restructuring charges in Devices & Services
- EUR 147 million gain on sale of wireless modem business in Devices & Services
- EUR 116 million of intangible asset amortization and other purchase price
accounting related items arising from the formation of Nokia Siemens Networks
- EUR 119 million of intangible asset amortization and other purchase price
accounting related items arising from the acquisition of NAVTEQ
- EUR 5 million of intangible assets amortization and other purchase price
related items arising from the acquisition of OZ Communications, Novarra and
Motally in Devices & Services

Q4 2010 taxes - EUR 52 million non-cash tax benefit from reassessment of
recoverability deferred tax assets in Nokia Siemens Networks

Q3 2010 - EUR 231 million (net) consisting of:
- EUR 61 million prior years-related refund of customs duties
- EUR 49 million restructuring charge and other associated items in Nokia
Siemens Networks
- EUR 117 million of intangible asset amortization and other purchase price
accounting related items arising from the formation of Nokia Siemens Networks
- EUR 122 million of intangible asset amortization and other purchase price
accounting related items arising from the acquisition of NAVTEQ
- EUR 4 million of intangible assets amortization and other purchase price
related items arising from the acquisition of OZ Communications, Novarra,
MetaCarta and Motally in Devices & Services

Q3 2010 taxes - EUR 127 million prior years-related non-cash benefit from Q3
2010 changes in dividend withholding tax legislation in certain jurisdictions
with retroactive effects

Q4 2009 - EUR 332 million (net) consisting of:
- EUR 89 million restructuring charge and other one-time items in Nokia Siemens
Networks
- EUR 22 million gain on sale of real estate in Nokia Siemens Networks
- EUR 36 million restructuring charge in Devices & Services
- EUR 117 million of intangible asset amortization and other purchase price
accounting related items arising from the formation of Nokia Siemens Networks
- EUR 110 million of intangible asset amortization and other purchase price
accounting related items arising from the acquisition of NAVTEQ
- EUR 2 million of intangible assets amortization and other purchase price
related items arising from the acquisition of OZ Communications in Devices &
Services

Q4 2009 taxes - EUR 213 million non-cash positive effect from development and
outcome of various prior year items impacting Nokia taxes

Non-IFRS results exclude special items for all periods. In addition, non-IFRS
results exclude intangible asset amortization, other purchase price accounting
related items and inventory value adjustments arising from i) the formation of
Nokia Siemens Networks and ii) all business acquisitions completed after June
30, 2008.

Nokia Group
Nokia's fourth quarter 2010 net sales increased 6% to EUR 12.7 billion, compared
with EUR 12.0 billion in the fourth quarter 2009, and increased 23% compared
with EUR 10.3 billion in the third quarter 2010. At constant currency, group net
sales would have been flat year-on-year and increased 24% sequentially.

The following chart sets out the year-on-year and sequential growth rates in our
net sales on a reported basis and at constant currency for the periods
indicated.

+---------------------------------------------------------------------------+
|FOURTH QUARTER 2010 NET SALES, REPORTED & CONSTANT CURRENCY1               |
+-----------------------------------------------------+----------+----------+
|                                                     |YoY Change|QoQ Change|
+-----------------------------------------------------+----------+----------+
|Group net sales - reported                           |        6%|       23%|
+-----------------------------------------------------+----------+----------+
|Group net sales - constant currency1                 |        0%|       24%|
+-----------------------------------------------------+----------+----------+
|Devices & Services net sales - reported              |        4%|       18%|
+-----------------------------------------------------+----------+----------+
|Devices & Services net sales - constant currency1    |       -3%|       19%|
+-----------------------------------------------------+----------+----------+
|NAVTEQ net sales - reported                          |       37%|       23%|
+-----------------------------------------------------+----------+----------+
|NAVTEQ net sales - constant currency1                |       33%|       27%|
+-----------------------------------------------------+----------+----------+
|Nokia Siemens Networks net sales - reported          |        9%|       35%|
+-----------------------------------------------------+----------+----------+
|Nokia Siemens Networks net sales - constant currency1|        7%|       37%|
+-----------------------------------------------------+----------+----------+

Note 1: Change in net sales at constant currency excludes the impact of changes
in exchange rates in comparison to the Euro, our reporting currency.

Nokia's fourth quarter 2010 reported operating profit was EUR 884 million,
compared with an operating profit of EUR 1 141 million in the fourth quarter
2009 and an operating profit of EUR 403 million in the third quarter 2010.
Nokia's fourth quarter 2010 reported operating margin was 7.0%, compared with
9.5% in the fourth quarter 2009 and 3.9% in the third quarter 2010. Nokia's
fourth quarter 2010 non-IFRS operating profit was EUR 1 090 million, compared
with EUR 1 473 million in the fourth quarter 2009 and EUR 634 million in the
third quarter 2010. Nokia's fourth quarter 2010 non-IFRS operating margin was
8.6%, compared with 12.3% in the fourth quarter 2009 and 6.2% in the third
quarter 2010. The year-on-year decrease in Nokia's non-IFRS operating margin
resulted from a decline in Devices & Services and Nokia Siemens Networks' non-
IFRS operating margins that were only partially offset by an increase in
NAVTEQ's non-IFRS operating margin. The sequential increase in Nokia's non-IFRS
operating margin reflected improved non-IFRS operating margin in all three
reportable segments.

The following chart sets out Nokia Group's cash flow (for the periods indicated)
and financial position (at the end of the periods indicated), as well as the
year-on-year and sequential growth rates.

+------------------------------------------------------------------------------+
|NOKIA GROUP CASH FLOW AND FINANCIAL POSITION                                  |
+--------------------------------+-------+-------+----------+-------+----------+
|EUR million                     |Q4/2010|Q4/2009|YoY Change|Q3/2010|QoQ Change|
+--------------------------------+-------+-------+----------+-------+----------+
|Cash generated from operations  |  2 492|  1 288|       93%|  1 206|      107%|
+--------------------------------+-------+-------+----------+-------+----------+
|Operating cash flow1            |  2 436|  1 535|       59%|    439|      455%|
+--------------------------------+-------+-------+----------+-------+----------+
|Total cash and other liquid     |       |       |          |       |          |
|assets                          | 12 275|  8 873|       38%| 10 235|       20%|
+--------------------------------+-------+-------+----------+-------+----------+
|Net cash and other liquid       |       |       |          |       |          |
|assets2                         |  6 996|  3 670|       91%|  4 375|       60%|
+--------------------------------+-------+-------+----------+-------+----------+
|Net debt-equity ratio (gearing) |   -43%|   -25%|          |   -29%|          |
+--------------------------------+-------+-------+----------+-------+----------+

Note 1: Net cash from operating activities.
Note 2: Total cash and other liquid assets minus interest-bearing liabilities.

Year-on-year and sequentially, the increase in operating cash flow was primarily
driven by net working capital improvements in both Devices & Services and Nokia
Siemens Networks. Approximately EUR 600 million of these net working capital
improvements were driven by the timing of customer payments and value-added tax
refunds, which were received in Q4 2010 instead of subsequent periods. In
addition, on a sequential basis, we did not experience the cash outflows related
to foreign exchange hedging activities that we had in the third quarter 2010,
and our operating cash flow also benefited from improved net profit.

Both total as well as net cash and other liquid assets increased in the fourth
quarter 2010 as a result of positive overall cash generation.

Devices & Services
Net Sales. The following chart sets out our Devices & Services net sales for the
periods indicated, as well as the year-on-year and sequential growth rates, by
category.

+-----------------------------------------------------------------------+
|DEVICES & SERVICES NET SALES BY CATEGORY                               |
+-------------------------+-------+-------+----------+-------+----------+
|EUR million              |Q4/2010|Q4/2009|YoY Change|Q3/2010|QoQ Change|
+-------------------------+-------+-------+----------+-------+----------+
|Mobile phones1           |  4 092|  4 294|       -5%|  3 560|       15%|
+-------------------------+-------+-------+----------+-------+----------+
|Converged mobile devices2|  4 407|  3 885|       13%|  3 613|       22%|
+-------------------------+-------+-------+----------+-------+----------+
|Total                    |  8 499|  8 179|        4%|  7 173|       18%|
+-------------------------+-------+-------+----------+-------+----------+

Note 1: Series 30 and Series 40-based devices ranging from basic mobile phones
focused on voice capability to devices with a number of additional
functionalities, such as Internet connectivity, including the services and
accessories sold with them.
Note 2: Smartphones and mobile computers, including the services and accessories
sold with them.

The following chart sets out Devices & Services net sales for the periods
indicated, as well as the year-on-year and sequential growth rates, by
geographic area.

+------------------------------------------------------------------------------+
| DEVICES & SERVICES NET SALES BY GEOGRAPHIC AREA                              |
+------------------------------------------------------------------------------+
| EUR million            Q4/2010   Q4/2009   YoY Change   Q3/2010   QoQ Change |
+----------------------+---------+---------+------------+---------+------------+
| Europe               |   3 088 |   3 153 |        -2% |   2 289 |        35% |
|                      |         |         |            |         |            |
| Middle East & Africa |   1 177 |   1 148 |         3% |     930 |        27% |
|                      |         |         |            |         |            |
| Greater China        |   1 682 |   1 243 |        35% |   1 654 |         2% |
|                      |         |         |            |         |            |
| Asia-Pacific         |   1 603 |   1 783 |       -10% |   1 504 |         7% |
|                      |         |         |            |         |            |
| North America        |     233 |     257 |        -9% |     226 |         3% |
|                      |         |         |            |         |            |
| Latin America        |     715 |     595 |        20% |     570 |        25% |
+----------------------+---------+---------+------------+---------+------------+
| Total                    8 499     8 179           4%     7 173          18% |
+------------------------------------------------------------------------------+



Year-on-year, the 4% net sales increase resulted from higher ASPs partially
offset by lower device volumes in most regions.  Our device volumes in the
fourth quarter 2010 were adversely affected by shortages of certain components,
which we expect to continue to impact our business at least through the end of
the first quarter 2011, as well as by a number of supply and logistics
challenges driven by the tight component availability during the quarter.
Sequentially, the 18% net sales increase reflected higher ASPs, as well as
higher device volumes in most regions, partially offset by a number of supply
and logistics challenges driven by the tight component availability during the
fourth quarter 2010. At constant currency, Devices & Services net sales would
have decreased 3% year-on-year and increased 19% sequentially.

Of our total Devices & Services net sales, services contributed EUR 201 million
in the fourth quarter 2010, compared with EUR 166 million in the fourth quarter
2009 and EUR 159 million in the third quarter 2010. Services billings in the
fourth quarter 2010 were EUR 352 million, compared with EUR 224 million in the
fourth quarter 2009 and EUR 325 million in the third quarter 2010.

Volume and Market Share. The following chart sets out our Devices & Services
volumes for the periods indicated, as well as the year-on-year and sequential
growth rates, by category.

+-----------------------------------------------------------------------+
|DEVICES & SERVICES MOBILE DEVICE VOLUMES BY CATEGORY                   |
+-------------------------+-------+-------+----------+-------+----------+
|million units            |Q4/2010|Q4/2009|YoY Change|Q3/2010|QoQ Change|
+-------------------------+-------+-------+----------+-------+----------+
|Mobile phones1           |   95.4|  106.1|      -10%|   83.9|       14%|
+-------------------------+-------+-------+----------+-------+----------+
|Converged mobile devices2|   28.3|   20.8|       36%|   26.5|        7%|
+-------------------------+-------+-------+----------+-------+----------+
|Total                    |  123.7|  126.9|       -3%|  110.4|       12%|
+-------------------------+-------+-------+----------+-------+----------+

Note 1: Series 30 and Series 40-based devices ranging from basic mobile phones
focused on voice capability to devices with a number of additional
functionalities, such as Internet connectivity, including the services and
accessories sold with them.
Note 2: Smartphones and mobile computers, including the services and accessories
sold with them.

In the fourth quarter 2010, the overall industry mobile device volumes were 402
million units, based on Nokia's preliminary estimate, representing an increase
of 12% year-on-year and 11% sequentially. Nokia's preliminary estimated mobile
device market share was 31% in the fourth quarter 2010, down from an estimated
35% in the fourth quarter 2009 and up from an estimated 30% in the third quarter
2010 (based on Nokia's revised definition of the industry mobile device market
share applicable beginning in 2010 and applied retrospectively to 2009 for
comparative purposes only).

Of the total industry mobile device volumes, converged mobile device industry
volumes in the fourth quarter 2010 increased to 90.5 million units, based on
Nokia's preliminary estimate, representing an increase of 73% year-on-year and
29% sequentially. Nokia's preliminary estimated share of the converged mobile
device market was 31% in the fourth quarter 2010, compared with an estimated
40% in the fourth quarter 2009 and an estimated 38% in the third quarter 2010.

The following chart sets out our mobile device volumes for the periods
indicated, as well as the year-on-year and sequential growth rates, by
geographic area.

+------------------------------------------------------------------------------+
| DEVICES & SERVICES MOBILE DEVICE VOLUMES BY GEOGRAPHIC AREA                  |
+----------------------+---------+---------+------------+---------+------------+
| million units        | Q4/2010 | Q4/2009 | YoY Change | Q3/2010 | QoQ Change |
+----------------------+---------+---------+------------+---------+------------+
| Europe               |    33.5 |    34.3 |        -2% |    29.2 |        15% |
+----------------------+---------+---------+------------+---------+------------+
| Middle East & Africa |    22.2 |    24.3 |        -9% |    18.4 |        21% |
+----------------------+---------+---------+------------+---------+------------+
| Greater China        |    21.9 |    17.6 |        24% |    20.2 |         8% |
+----------------------+---------+---------+------------+---------+------------+
| Asia-Pacific         |    31.3 |    34.5 |        -9% |    27.8 |        13% |
+----------------------+---------+---------+------------+---------+------------+
| North America        |     2.6 |     3.8 |       -32% |     3.2 |       -19% |
+----------------------+---------+---------+------------+---------+------------+
| Latin America        |    12.2 |    12.4 |        -2% |    11.6 |         5% |
+----------------------+---------+---------+------------+---------+------------+
| Total                |   123.7 |   126.9 |        -3% |   110.4 |        12% |
+----------------------+---------+---------+------------+---------+------------+



Nokia's 3% year-on-year decrease in global mobile device volumes during the
fourth quarter 2010 was driven primarily by the intense competitive environment,
as well as certain component shortages and a number of supply and logistics
challenges resulting from the tight component availability during the quarter.
This volume decline was somewhat offset by a year-on-year improvement in the
overall market environment. On a sequential basis, Nokia's 12% increase in
global mobile device volumes was primarily due to increased seasonal demand for
our devices offset to some extent by a number of supply and logistics challenges
driven by the tight component availability during the fourth quarter 2010.

Average Selling Price. The following chart sets out our Devices & Services ASP
for the periods indicated, as well as the year-on-year and sequential growth
rates, by category.

+-----------------------------------------------------------------------+
|DEVICES & SERVICES AVERAGE SELLING PRICE BY CATEGORY                   |
+-------------------------+-------+-------+----------+-------+----------+
|EUR                      |Q4/2010|Q4/2009|YoY Change|Q3/2010|QoQ Change|
+-------------------------+-------+-------+----------+-------+----------+
|Mobile phones1           |     43|     40|        6%|     42|        1%|
+-------------------------+-------+-------+----------+-------+----------+
|Converged mobile devices2|    156|    186|      -16%|    136|       15%|
+-------------------------+-------+-------+----------+-------+----------+
|Total                    |     69|     64|        7%|     65|        6%|
+-------------------------+-------+-------+----------+-------+----------+

Note 1: Series 30 and Series 40-based devices ranging from basic mobile phones
focused on voice capability to devices with a number of additional
functionalities, such as Internet connectivity, including the services and
accessories sold with them.
Note 2: Smartphones and mobile computers, including the services and accessories
sold with them.

The year-on-year 7% increase in our ASP was primarily due to converged mobile
devices representing a greater proportion of our overall mobile device sales and
the appreciation of certain currencies against the Euro, offset to some extent
by general price erosion and a higher proportion of lower-priced converged
mobile device sales. On a sequential basis, the 6% increase in our ASP was
primarily driven by an increased proportion of sales of higher priced converged
mobile devices and foreign exchange hedging, offset to some extent by the
depreciation of certain currencies against the Euro. The 17% year-on-year
decline in our converged mobile devices ASPs was mainly driven by general price
erosion and an increase in the proportion of lower-priced converged mobile
devices sales. The 14% sequential increase in our converged mobile devices ASPs
was mainly driven by an increased proportion of sales of higher prices converged
mobile devices during the fourth quarter 2010.

Profitability. Devices & Services gross profit (reported and non-IFRS) decreased
12% to EUR 2.5 billion, compared with EUR 2.8 billion in the fourth quarter
2009, and increased 19% compared to EUR 2.1 billion in the third quarter 2010.
The gross margin (reported and non-IFRS) was 29.2% in the fourth quarter 2010,
compared with 34.3% in the fourth quarter 2009 and 29.0% in the third quarter
2010. The year-on-year gross margin decline was primarily due to material cost
erosion being less - driven by both shortages of certain components and the
appreciation of certain currencies against the Euro - than general product price
erosion, as well as a negative impact from foreign exchange hedging. The impact
of these factors was offset to some extent by converged mobile devices
representing a greater proportion of our overall mobile device volumes.
Sequentially, the gross margin increase was primarily due to an increased
proportion of sales of higher priced mobile devices and the depreciation of
certain currencies against the Euro, offset to a large extent by a negative one-
quarter impact from foreign exchange hedging as well as lower royalty income in
the fourth quarter 2010. Nokia sees shortages of certain components impacting
our business at least through the end of first quarter 2011.

Devices & Services reported operating profit decreased 16% to EUR 1 018 million,
compared with EUR 1 219 million in the fourth quarter 2009, and increased 26%
compared with EUR 807 million in the third quarter 2010. The reported operating
margin was 12.0% in the fourth quarter 2010, compared with 14.9% in the fourth
quarter 2009 and 11.3% in the third quarter 2010. Devices & Services non-IFRS
operating profit decreased 24% to EUR 961 million compared with EUR 1 257
million in the fourth quarter 2009, and increased 28% compared with EUR 750
million in the third quarter 2010. The non-IFRS operating margin was 11.3% in
the fourth quarter 2010, compared with 15.4% in the fourth quarter 2009 and
10.5% in the third quarter 2010. The year-on-year decrease in non-IFRS operating
profit was driven primarily by the lower gross margin. Sequentially, the
increase in non-IFRS operating profit was primarily due to higher net sales,
offset to some extent by higher operating expenses.

NAVTEQ
Net Sales. Fourth quarter 2010 NAVTEQ reported net sales increased 37% year-on-
year to EUR 309 million, compared with EUR 225 million in the fourth quarter
2009, and increased 23% compared to EUR 252 million in the third quarter 2010.
The year-on-year and sequential increase in reported net sales was primarily
driven by improved sales of map licenses to mobile device customers as well as
higher navigation uptake rates in the automotive industry. Sequentially, net
sales also benefited from a stronger market for personal navigation devices
(PNDs). At constant currency, NAVTEQ net sales would have increased 33% year-on-
year and 27% sequentially.

Profitability. In the fourth quarter 2010, NAVTEQ's gross profit (reported and
non-IFRS) increased 37% to EUR 271 million, compared with EUR 195 million in the
fourth quarter 2009, and increased 27% compared with EUR 213 million in the
third quarter 2010. NAVTEQ's gross margin (reported and non-IFRS) increased to
87.7%, compared to a reported gross margin of 86.7% and a non-IFRS gross margin
of 87.1% in the fourth quarter 2009, and 84.5% (reported and non-IFRS) in the
third quarter 2010.



In the fourth quarter 2010, NAVTEQ's reported operating loss decreased to EUR
19 million, compared with a EUR 56 million loss in the fourth quarter 2009 and a
EUR 48 million loss in the third quarter 2010. The reported operating margin was
-6.1% in the fourth quarter 2010, compared with -24.9% in the fourth quarter
2009 and -19.0% in the third quarter 2010. NAVTEQ's non-IFRS operating profit
was EUR 100 million, compared with EUR 54 million in the fourth quarter 2009 and
EUR 74 million in the third quarter 2010.  The non-IFRS operating margin was
32.4% in the fourth quarter 2010, compared with 24.0% in the fourth quarter
2009 and 29.4% in the third quarter 2010. The year-on-year and sequential
increase in NAVTEQ's non-IFRS operating margin was primarily due to higher net
sales, offset to some extent by higher operating expenses.

Nokia Siemens Networks
Net Sales. The following chart sets out Nokia Siemens Networks net sales for the
periods indicated, as well as the year-on-year and sequential growth rates, by
geographic area.

+------------------------------------------------------------------------------+
| NOKIA SIEMENS NETWORKS NET SALES BY GEOGRAPHIC AREA                          |
+----------------------+---------+---------+------------+---------+------------+
| EUR million          | Q4/2010 | Q4/2009 | YoY Change | Q3/2010 | QoQ Change |
+----------------------+---------+---------+------------+---------+------------+
| Europe               |   1 357 |   1 327 |         2% |   1 070 |        27% |
+----------------------+---------+---------+------------+---------+------------+
| Middle East & Africa |     423 |     371 |        14% |     331 |        28% |
+----------------------+---------+---------+------------+---------+------------+
| Greater China        |     508 |     425 |        20% |     311 |        63% |
+----------------------+---------+---------+------------+---------+------------+
| Asia-Pacific         |     978 |     818 |        20% |     711 |        38% |
+----------------------+---------+---------+------------+---------+------------+
| North America        |     226 |     244 |        -7% |     175 |        29% |
+----------------------+---------+---------+------------+---------+------------+
| Latin America        |     469 |     440 |         7% |     345 |        36% |
+----------------------+---------+---------+------------+---------+------------+
| Total                |   3 961 |   3 625 |         9% |   2 943 |        35% |
+----------------------+---------+---------+------------+---------+------------+



The year-on-year 9% increase in net sales was primarily driven by growth in both
the product and services businesses in most regions. The sequential 35% increase
in net sales was primarily driven by a seasonally stronger infrastructure market
in the fourth quarter 2010. Net sales in the fourth quarter 2010 also benefited
from an improvement in overall component availability. Of total Nokia Siemens
Networks net sales, services contributed EUR 1.8 billion in the fourth quarter
2010, compared to EUR 1.7 billion in the fourth quarter 2009 and EUR 1.4 billion
in the third quarter 2010. At constant currency, Nokia Siemens Networks net
sales would have increased 7% year-on-year and 37% sequentially.

Profitability. Nokia Siemens Networks reported gross profit decreased 3% to EUR
1 042 million compared with EUR 1 071 million in the fourth quarter 2009, and
increased 48% compared with EUR 702 million in the third quarter 2010.  The
reported gross margin was 26.3% in the fourth quarter 2010, compared with 29.5%
in the fourth quarter 2009 and 23.9% in the third quarter 2010. Nokia Siemens
Networks non-IFRS gross profit in the fourth quarter 2010 decreased 6% to EUR
1 045 million compared with EUR 1 108 million in the fourth quarter 2009, and
increased 42% compared with EUR 733 million in the third quarter 2010. The non-
IFRS gross margin was 26.4% in the fourth quarter 2010, compared with 30.6% in
the fourth quarter 2009 and 24.9% in the third quarter 2010.  The lower year-on-
year non-IFRS gross margin in the fourth quarter 2010 was primarily due to
general price pressure on certain products, a higher proportion of lower margin
products in the business mix and to some extent project execution related
challenges in the Middle East and Africa. The higher sequential non-IFRS gross
margin in the fourth quarter 2010 was primarily due to a more favourable
business mix, strong seasonal net sales and the absence of certain items that
had a negative impact on the gross margin in the third quarter 2010.

Nokia Siemens Networks fourth quarter 2010 reported operating profit was EUR 1
million, compared with a reported operating profit of EUR 17 million in the
fourth quarter 2009 and a reported operating loss of EUR 282 million in the
third quarter 2010. The reported operating margin was 0.0% in the fourth quarter
2010, compared with 0.5% in the fourth quarter 2009 and -9.6% in the third
quarter 2010. Nokia Siemens Networks non-IFRS operating profit was EUR 145
million in the fourth quarter 2010, compared with a non-IFRS operating profit of
EUR 201 million in the fourth quarter 2009 and a non-IFRS operating loss of EUR
116 million in the third quarter 2010.  The non-IFRS operating margin was 3.7%
in the fourth quarter 2010, compared with 5.5% in the fourth quarter 2009 and
-3.9% in the third quarter 2010. The year-on-year decline in Nokia Siemens
Networks non-IFRS operating profit was primarily due to the lower gross margin,
which was to some extent offset by higher net sales and lower operating
expenses. The sequential increase in Nokia Siemens Networks non-IFRS operating
profit was primarily due to higher net sales and gross margin, offset to some
extent by higher operating expenses in the fourth quarter 2010.

Q4 2010 OPERATING HIGHLIGHTS
Devices & Services
- Following the start of shipments of the Nokia N8 in the third quarter, Nokia
began shipments of two other smartphones based on the new Symbian software: The
Nokia C7, a sleek, full-touch smartphone crafted from stainless steel and glass
that is designed to appeal especially to social networkers, and the Nokia C6-
01, a smaller, full-touch smartphone that features Nokia ClearBlack technology
for improved outdoor visibility.
- Nokia started shipments of the Nokia C3 Touch & Type, a stainless steel device
which combines the touch screen and traditional phone keypad.
- Nokia estimates that it became the leader in QWERTY in terms of volume share
during the fourth quarter, helped by sales of its affordable QWERTY model, the
Nokia C3.
- Nokia continued to develop its Ovi services. Highlights for the quarter
included:
- Store continued to see increased downloads of applications and content. The
Store is now attracting more than 4 million downloads a day, compared with more
than 2.7 million a day reported in October 2010, boosted by traffic from the new
Nokia N8 and Nokia C7, the widespread introduction of operator billing and the
increased availability of local applications and content specific to individual
markets. According to a study by iResearch published since the end of the
quarter, Ovi Store ranks as the leading application store in China by downloads.
Other key markets for Ovi Store include Russia and Turkey, where downloads from
the Store have reached more than 1 million a week in each market.
- Maps continued to scale, and today includes coverage of 180 countries and
regions in total, with 100 of them navigable. Additionally, more than 100 cities
around the world have dedicated pedestrian navigation.  With the release of the
latest version of Ovi Maps, users can download maps directly to their device
over Wi-Fi as well as enjoy mapping that includes public transport lines for
subways, trams and trains in more than 80 cities around the world. Nokia N8
owners have quickly become among the most active Maps users, spending up to four
hours a month using maps and navigating.
- Life Tools, Nokia's unique life improvement mobile information services
designed especially for emerging markets, was launched in Nigeria, adding
Africa's most populous country to the service which already operates in India,
Indonesia and China.
- Nokia announced that it will use Qt technologies to simplify development for
both our own and third party developers. In addition, Nokia announced its
intention to support HTML5 for the development of Web content and applications.
- Following the withdrawal of other members, the Symbian Foundation, a non-
profit entity, transitioned to a licensing operation only and the Symbian
platform's development is now under the control of Nokia.
- In November 2010, Renesas Electronics Corporation completed its acquisition of
Nokia's Wireless Modem business, which was initially announced on July 6, 2010.

NAVTEQ
- NAVTEQ announced its selection by the Federal Communications Commission (FCC)
for US map data to support development of a national broadband map.
- NAVTEQ announced an expansion in R&D capabilities with the addition of a
Global R&D Center in Mumbai, India.
- NAVTEQ extended its global agreement with ORTEC, also incorporating additional
NAVTEQ Traffic Patterns and NAVTEQ Transport content.
- NAVTEQ acquired PixelActive Inc. to accelerate expansion from a 2D to a 3D map
and further leverage 3D technologies for all NAVTEQ products.

Nokia Siemens Networks
- Nokia Siemens Networks added three more 3G customers in India, announcing
contracts with Idea Cellular, Vodafone Essar and Aircel.
- Nokia Siemens Networks continued to gain momentum in the emerging network
sharing arena. In France Nokia Siemens Networks won a deal to build an enhanced
mobile voice and data network in rural France for SFR, which will be shared with
two other operators. In the UK Nokia Siemens Networks announced it had supplied
more than 12,000 3G base stations to Mobile Broadband Network Ltd (MBNL),
bringing improved coverage and capacity for Three and T-Mobile UK customers.
- Nokia Siemens Networks continued to make progress in LTE, announcing contracts
with, among others,  Deutsche Telekom in Germany, Elisa in Finland and for
Evolved Packet Core with Tele2 in Sweden.
- Nokia Siemens Networks secured its first network outsourcing contract in China
with Anhui Unicom; Nokia Siemens Networks also announced plans to expand its
global services delivery capability with the opening a new Global Network
Operations Centre in Brazil.
- NBN Co in Australia awarded Nokia Siemens Networks a contract to supply DWDM
optical transport network technology for the national broadband project.
- Nokia Siemens Networks announced it will open a Smart Lab in South Korea,
focused on developing smart device-optimized applications, services and
networks. The lab will explore the potential of wireless broadband technologies
for delivering a superior end-user experience.
- Nokia Siemens Networks has successfully tested a technology that could
significantly increase the data carrying capacity of standard copper wires. The
company achieved data transmission speeds of 825 megabits per second (Mbps) over
400 meters of bonded copper lines and 750 Mbps over 500 meters using "Phantom
DSL" technology.

For more information on the operating highlights mentioned above, please refer
to related press announcements at the following links: www.nokia.com/press,
www.navteq.com/about/press.html, www.nokiasiemensnetworks.com/press

FORWARD-LOOKING STATEMENTS
It should be noted that certain statements herein which are not historical facts
are forward-looking statements, including, without limitation, those regarding:
A) the timing of the deliveries of our products and services and their
combinations; B) our ability to develop, implement and commercialize new
technologies, products and services and their combinations; C) expectations
regarding market developments and structural changes; D) expectations and
targets regarding our industry volumes, market share, prices, net sales and
margins of products and services and their combinations; E) expectations and
targets regarding our operational priorities and results of operations; F) the
outcome of pending and threatened litigation; G) expectations regarding the
successful completion of acquisitions or restructurings on a timely basis and
our ability to achieve the financial and operational targets set in connection
with any such acquisition or restructuring; and H) statements preceded by
"believe," "expect," "anticipate," "foresee," "target," "estimate," "designed,"
"plans," "will" or similar expressions. These statements are based on
management's best assumptions and beliefs in light of the information currently
available to it. Because they involve risks and uncertainties, actual results
may differ materially from the results that we currently expect. Factors that
could cause these differences include, but are not limited to: 1) the
competitiveness and quality of our portfolio of products and services and their
combinations; 2) our ability to timely and successfully develop or otherwise
acquire the appropriate technologies and commercialize them as new advanced
products and services and their combinations, including our ability to attract
application developers and content providers to develop applications and provide
content for use in our devices; 3) our ability to effectively, timely and
profitably adapt our business and operations to the requirements of the
converged mobile device market and the services market; 4) the intensity of
competition in the various markets where we do business and our ability to
maintain or improve our market position or respond successfully to changes in
the competitive environment; 5) the occurrence of any actual or even alleged
defects or other quality, safety or security issues in our products and services
and their combinations; 6) the development of the mobile and fixed
communications industry and general economic conditions globally and regionally;
7) our ability to successfully manage costs; 8) exchange rate fluctuations,
including, in particular, fluctuations between the euro, which is our reporting
currency, and the US dollar, the Japanese yen and the Chinese yuan, as well as
certain other currencies; 9) the success, financial condition and performance of
our suppliers, collaboration partners and customers; 10) our ability to source
sufficient amounts of fully functional components, sub-assemblies, software,
applications and content without interruption and at acceptable prices and
quality; 11) our success in collaboration arrangements with third parties
relating to the development of new technologies, products and services,
including applications and content; 12) our ability to manage efficiently our
manufacturing and logistics, as well as to ensure the quality, safety, security
and timely delivery of our products and services and their combinations; 13) our
ability to manage our inventory and timely adapt our supply to meet changing
demands for our products; 14) our ability to protect the complex technologies,
which we or others develop or that we license, from claims that we have
infringed third parties' intellectual property rights, as well as our
unrestricted use on commercially acceptable terms of certain technologies in our
products and services and their combinations; 15) our ability to protect
numerous Nokia, NAVTEQ and Nokia Siemens Networks patented, standardized or
proprietary technologies from third-party infringement or actions to invalidate
the intellectual property rights of these technologies; 16) the impact of
changes in government policies, trade policies, laws or regulations and economic
or political turmoil in countries where our assets are located and we do
business; 17) any disruption to information technology systems and networks that
our operations rely on; 18) our ability to retain, motivate, develop and recruit
appropriately skilled employees; 19) unfavorable outcome of litigations; 20)
allegations of possible health risks from electromagnetic fields generated by
base stations and mobile devices and lawsuits related to them, regardless of
merit; 21) our ability to achieve targeted costs reductions and increase
profitability in Nokia Siemens Networks and to effectively and timely execute
related restructuring measures; 22) developments under large, multi-year
contracts or in relation to major customers in the networks infrastructure and
related services business; 23) the management of our customer financing
exposure, particularly in the networks infrastructure and related services
business; 24) whether ongoing or any additional governmental investigations into
alleged violations of law by some former employees of Siemens AG ("Siemens") may
involve and affect the carrier-related assets and employees transferred by
Siemens to Nokia Siemens Networks; 25) any impairment of Nokia Siemens Networks
customer relationships resulting from ongoing or any additional governmental
investigations involving the Siemens carrier-related operations transferred to
Nokia Siemens Networks; as well as the risk factors specified on pages 11-32 of
Nokia's annual report Form 20-F for the year ended December 31, 2009 under Item
3D. "Risk Factors." Other unknown or unpredictable factors or underlying
assumptions subsequently proving to be incorrect could cause actual results to
differ materially from those in the forward-looking statements. Nokia does not
undertake any obligation to publicly update or revise forward-looking
statements, whether as a result of new information, future events or otherwise,
except to the extent legally required.

Nokia, Helsinki - January 27, 2011

Media and Investor Contacts:

Corporate Communications, tel. [phone]
Investor Relations Europe, tel. [phone]
Investor Relations US, tel. [phone]

- Nokia's Strategy and Financial Briefing is scheduled to be held on February
11, 2011.
- Nokia plans to publish its quarterly results in 2011 on the following dates:
Q1 on April 21, Q2 on July 21 and Q3 on October 20, 2011.
- Nokia plans to publish its annual report, Nokia in 2010, in week 13 of 2011.
- Nokia's Annual General Meeting will be held on May 3, 2011.

www.nokia.com











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