Nokia Q3 Earnings Drop 28 Percent, Revenue Drops 5 Percent

From PC World: Nokia reported third-quarter earnings down 28 percent on a year earlier, and revenue down 5 percent. Its share of the mobile phone market slipped too.

Revenue for the quarter ended September 30 totalled €12.24 billion (US$17.68 billion), a figure which will disappoint analysts who had expected something nearer $18.59 billion.

The company reported net profit of €1.09 billion, down from €1.56 billion a year earlier.

During the quarter Nokia closed its acquisition of Navteq, a distributor of digital maps for GPS (Global Positioning System) terminals, bringing it additional sales of €156 million but an operating loss of €80 million.

Nokia sold 117.8 million mobile devices in the third quarter, giving it 38 percent of a market it estimates at 310 million devices. That's down from a share of 39 percent a year earlier, and 40 percent in the second quarter, it said.

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