As usual reading the actual Nokia statement puts things into perspective.

http://investors.nokia.com/phoenix.z...665&highlight=

"The year-on-year gross margin decline was primarily due to material cost erosion being less - driven by both shortages of certain components and the appreciation of certain currencies against the Euro - than general product price erosion, as well as a negative impact from foreign exchange hedging."

Also Net cash grew from 3Billion in 2009 to 6.9B Euros at the end of 2010, They will also return over a billion euros to share holders via the dividend payment this year.

And remember they grew unit vol as well as Average selling Price. Elop is not playing the market share game and focusing on cashflow and margins, while he regroups the product portfolio.

Credit agencies are linked to the investment banks, who want to close their short positions ahead of feb 11th