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World's largest mobile handset maker Nokia has posted a 1.4 per cent fall in profit at €344 million in the first three months of 2011, amid market share in mobile devices falling. In the year-ago period, the entity had a profit of €349 million. However, the 2011 first-quarter profit is higher than expectations as many analysts had projected the Finnish major to see much lower earnings or even a possible quarterly loss. Nokia's net sales jumped nine per cent to €10.39 billion in the first three months of this year. In the comparable period, the same stood at €9.52 billion.
Tie-up with Microsoft: The company also announced that it has entered into a definitive agreement with Microsoft for a strategic partnership, ahead of schedule. The partnership was announced in February. 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.
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