Nokia posted a 25 percent rise in first quarter net income thanks to emerging markets, but claimed that the weaker U.S. dollar, general economic slowdown in the U.S. and possible economic slowdown in Europe could lead to a fall in value for the handset market this year. Nokia also announced that its global marketshare dropped by 1 percent during the first quarter: from 40 percent in the fourth quarter to 39 percent. Average selling prices for handsets also dropped from $132 in the fourth quarter to $125 in the most recent quarter. Nokia said ASPs will continue to sink throughout 2008 because of increased sales of cheaper phones in emerging markets.

For more on Nokia's first quarter:
- check out this press release
- read this article from the WSJ (sub. req.)