And the results are in - Nokia just announced their Q2 financial results. To summarize - sales are up, profits are down, shifting currency exchange rates didn't help and smartphones have sold more units and have gotten cheaper, compared to previous periods.

The net sales for the Nokia Corporation 10 005 million euro (12.842 billion US dollars) and the net operating profit is 660 million euro. Net sales are 1% higher than the year ago quarter and 5% higher the previous quarter. However, operating profit has fallen.

Looking at just the mobile phone division, it has net sales of 6 800 million euro (3% higher YoY and 2% higher QoQ) and 643 million euro operating profit - 16% down YoY and 23% down QoQ.

"Converged mobile devices" (that is smartphones and mobile computers) accounted for just over half of those sales. That's 12% more sales than converged devices managed in last year's second quarter.

This is likely due to the noticeable drop in the average selling price for smartphones - it's 143 euro (184 USD) for the second quarter of this year, down from 181 euro (232 USD) for last years Q2. That's a 21% drop. Feature phones have a mostly stable average selling price of 39 euro.

Nokia attributes the falling gross margins to "price pressure" in the high-end segment and depreciation of the euro. Industry-wide shortages of some components had a negative impact on sales and Nokia predicts those shortages will continue into the third quarter as well.

For much more numbers and details, check out the full report.