Nokia results remain negative in Q3 but it is seen an better than expected earningsThursday, 20 October 2011
Finnish mobile phone maker Nokia posted weak results for the third quarter of 2011 on Thursday, reporting losses of 71 million euros. This follows losses of 487 million in the second quarter.
Some authorities feel that the Finnish mobile phone giant reported unexpectedly strong earnings for the third quarter of 2011. Earnings per share excluding special items, was 0:03, compared to EUR 0:14 euros a year ago. Analysts had on average expected a loss of 0:01 euros, according to Reuters.
AdvertisementNokia share price spiked by 5 percent in reaction to the news. Turnover totalled nearly 8.9 billion euros, down from 9.3 billion in Q2.
CEO Stephen Elop said that, while the company had made progress, there was still much to be done.
“During the third quarter, we continued to take the action necessary to drive the structural changes required for Nokia's long-term success,” he said in a company release.
Smartphone sales remained largely unchanged from Q2, with 16.8 million handsets sold compared to 16.7.
The average selling price of phones dropped to 51 euros from 65 euros a year earlier.
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