Nokia Reports Lower-Than-Estimated Loss as Profit Forecast for Phone Unit |
| Bloomberg - Oct 20, 2011 |
Nokia Oyj (NOK1V) reported a smaller-than- estimated loss and forecast a profitable quarter for the handset business as the Finnish manufacturer prepares to introduce models based on Microsoft Corp.’s software. The shares surged.
The third-quarter net loss was 68 million euros ($94 million), Espoo, Finland-based Nokia said today. Analysts had projected a 229 million-euro loss. Shipments of lower-priced handsets jumped 8 percent to almost 90 million units, boosted by models with two SIM-card slots. Those sold 17.9 million units, helping overall volumes exceed estimates by 14 percent.
Chief Executive Officer Stephen Elop is set to introduce a smartphone line based on Microsoft’s Windows Phone software at the Nokia World event in London next week. In moving to the new platform, the company accelerated the decline of the 10-year-old Symbian device family, which has been losing market share to Apple Inc. and Google Inc.
Read Full Article from Bloomberg
- Posted: 2011-10-20 14:26:49
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