Nokia today announced a whopping 90% drop in Q1 profits compare with Q1 2008. As steep a drop as that sounds Nokia did still post a respectable profit of €122 million. The fact that Nokia managed to make any profit at all at a time when many companies are going into the red served to bolster Nokia’s stock, which climbed 8% on the news. Just to delve into the figures a little deeper the loss represents a 27% decline in sales compared with the same quarter last year from €12.7 billion to €9.28 billion. Nokia’s market share is still industry leading at 37% and the fact that they didn’t see a loss in this quarter unlike some other manufacturers e.g. Sony Ericsson might be an indicator that they’re weathering the storm better than the rest.