Q3 '19: HMD (Nokia): Low-end Models Bring Down ASP

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Report Summary:

HMD managed to turn the shipment volumes to growth this quarter. Handset shipments grew +3.6% YoY. Smartphones witnessed strongest growth at +22% YoY whereas feature phones declined slightly by -2.3% YoY. This was a welcomed turnaround for HMD that has suffered from declining handset shipments past 4 previous quarters. Handset ASP however declined again affecting revenues negatively. ASP declined -9.2% YoY and revenues declined -5.9% YoY. This was the fourth consecutive quarter with declining revenues. Hopes of a profitable quarter slides further away again.

Table of Contents

1. Executive Summary
2. Key Financial Charts
3. New Model Analysis
4. Recommendations and Outlook
5. How Can We Help You
6. Analyst Contacts

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