nokai 260x124 Nokia admits it needs to change faster as marketshare fallsNokia has released its financial results for the final quarter of 2010, as well as full 2010 figures. It’s a mixed bag a figures for a company that is still struggling to adjust to the post-iPhone world.

Marketshare for the company’s mobile devices fell to 31%, down from 35% the previous year. While there’s poor news in terms of profits and market share for the Finnish mobile giant, it experienced a modest increase in sales compared to 2009. Set against the previous year’s figures, at €42.4bn, net sales across the company were up 4%, although operating profit saw a 9% decrease to €3.2bn.

Four months into the job, Nokia’s new CEO Stephen Elop’s comment on the results admitted that there was real room for improvement for the company.

“In Q4 we delivered solid performance across all three of our businesses, and generated outstanding cash flow. Additionally, growth trends in the mobile devices market continue to be encouraging. Yet, Nokia faces some significant challenges in our competitiveness and our execution. In short, the industry changed, and now it’s time for Nokia to change faster.”

The pressure is now on Nokia to inject some excitement back into its product range. While its N8 handset made waves among the Nokia faithful in 2010, it failed to strike a significant chord among a wider audience more interested in iPhones and Android smartphones