During the 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.
For the fourth 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 explained that “the year-on-year increase in net sales was primarily driven by growth in mobile device sales, particularly Nokia mobile devices, improved sales of map licenses to mobile device customers, as well as improved conditions and higher navigation uptake rates in the automotive industry.”