Nokia phones in profit

From CNET News.com: Nokia's earnings returned to the black in the third quarter thanks to smartphone sales, but it also announced 1,800 layoffs.

The Finnish mobile phone maker said today that it took home a profit of 529 million euros ($741 million) in the third quarter compared with a loss of 559 million euros in the year-ago quarter. Revenue rose almost 5 percent to 10.3 billion euros from 9.8 billion euros a year back earlier.

Surpassing analyst expectations, the third-quarter results were boosted by higher selling prices on Nokia smartphones. For the quarter, the company's Devices and Services unit pulled in sales of 7.2 billion euros, an increase of 4 percent from a year ago.

Nokia sold a total of 110.4 million mobile devices up 2 percent from last year. However, sales of "converged" mobile devices (smartphones and mobile computers) hit 26.5 million units, up 61 percent from a year ago.

The solid quarter was welcome news to Nokia's new CEO, Stephen Elop, who took the reins from Olli-Pekka Kallasvuo last month.

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