Nokia Q1-2012: The beatings shall continue.

I don't know what investors are thinking, but I think I can distill Nokia's Q1-2012 down to a handful of numbers:

-13% -- Quarter over quarter change in cash and liquid assets.
-24% -- Year over year change in cash and liquid assets.
-39% -- Quarter over quarter change in smart phone sales volume.
-51% -- Year over year change in smart phone sales volume.

Oh, and if you hear anyone talking about how Nokia's North America sales are up 75% quarter over quarter, allow me to disabuse you of any idea that this is important.  North America represented all of 2.2% of Nokia's total sales measured in Euros, and just 0.7% of total handset units, last quarter.

That stat however, does point out that rather than increasing WP market share in North America, Nokia's WP sales are displacing others, since comScore and Nielsen both show Microsoft's WP platform continuing to shrink.

And anyway, all you need to do is look at the chart below, to see that, for whatever reason, Nokia's smart phone sales have resumed their steep decline.