A Wave of Relief at Nokia's Quarterly Results

Investors looked past wretched sales and earnings to drive Nokia shares up 10% on signs of stabilization in the mobile-phone industry
Nokia's first touchscreen phone, the Nokia 5800, is pictured during its London launch on Jan. 23, 2009. SHAUN CURRY/AFP/Getty Images

Pessimists could look at first-quarter results issued by Nokia (NOK) on Apr. 16 and point out that sales fell 27% from the year-earlier quarter, operating profit plunged 96%, and the average selling price for the company's portfolio of mobile phones—a closely watched indicator of demand—fell to $86 from $94 at the end of 2008.

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