A reader pointed out that we missed the major news in our earlier post on Nokia today. Notice that while global handset shipments of Nokia moved from 107.8 million units to 108.5 million units from 2010 (Q1) to 2011 (Q1), Apple moved from 8.8 million units to 18.6 million units in the same period. That is still an increase for Nokia, however, it is losing ground as rivals are growing faster.

“Nokia shipped 108.5 million phones of which smartphones accounted for 24.2 million (up 13 per cent year-on-year) while feature phone sales fell back by two per cent to 84.3 million shipments,” part of the report read.

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The news is out. Apple Inc. overtook Finland’s Nokia Corp. to claim the top spot in handset revenue in the Q1 of 2011, when Apple racked up record sales of its iPhone, according to research and consulting firm Strategy Analytics Inc.

In 2010, Apple was No. 1 in smartphone revenue, taking home 29 percent of the market value, according to Strategy Analytics. Apple had just 16 percent of the total smartphone unit volume in 2010, according to the firm.

The report shows that while Nokia is still a king in volume, Apple beats it in the revenue. In Q1 2011, Apple brought in $11.9b while Nokia raked $9.4b. In the same period in 2010, Nokia had $8.9b to Apple $5.3b. This report shows how far the global recovery has come as the revenue stream of these two firms were impressive over a year-to-year comparison.