Nokia (NYSE: NOK) released first quarter 2008 results today, and while it posted a profit, the handset giant missed analyst estimates, hit by both pension costs, and the closing of its plant in Bochum, Germany. Bloomberg reports that net income rose to 1.22 billion euros ($1.95 billion) from 979 million euros ($1.56 billion) a year earlier. In its forecast, however, it said it expects the mobile device market to decline in value in Euro terms in 2008, compared to 2007, citing the weakened US dollar, and the general economic slowdown in the US, and the “possible” economic slowdown in Europe.

Details from the first quarter’s interim results:

-- Nokia’s market share for the the first quarter 2008 was 39 percent, compared with 36 percent in the first quarter 2007 and 40 percent in the fourth quarter 2007. Emerging markets, including Latin America, Asia-Pacific, and especially China drove Nokia’s year on year market share increase. Nokia’s North American performance, however, bombed. Year on year, market share was down 45.8 percent with 2.1 million units sold, while quarter on quarter, it was down 49 percent.

-- First quarter 2008 Devices & Services net sales grew 13 percent to 9.3 billion euros ($14.8 billion), compared with 8.2 billion euros ($13.06 billion) in the first quarter 2007. But Nokia noted that the strong growth in volume, was offset by a “significant ASP decrease”, driven by lower-end handsets.

-- Net sales year on year growth was strongest in Latin America, followed by Asia-Pacific, Middle East & Africa, China and Europe. Net sales were “down significantly” in North America year on year.

-- Average selling price (ASP) in the first quarter 2008 was 79 euros ($126), down from 89 euros ($142) in the first quarter 2007 and down from 83 euros ($143) in the fourth quarter 2007. Nokia said the lower year on year ASP was due to the handset maker shipping a higher proportion of lower priced devices, and to a lesser extent the weakening US dollar.

-- Nokia is forecasting its mobile device market share in the second quarter 2008 to increase from the first quarter (traditionally a slow time for handset sales). It also said it was continuing to target an increase in its market share in mobile devices in 2008. 

Full results in PDF.