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Nokia Reports Lower Q3 Net Sales, Profits

10/16/2008 03:20:00 PM Eastern

Espoo, Finland — Nokia reported lower net sales and operating profit for its third quarter, ended Sept. 30

Net sales slipped to $16.6 billion from the previous year’s $17.5 billion, while operating profit was $1.99 billion, down from the prior year’s third quarter of $2.52 billion. Operating margin was 12 percent for the quarter, down from the prior year’s 14.4 percent.

Nokia’s mobile communication device volume was 117.8 million units, up 5 percent year-on-year. Its share of the market was 38 percent down from 39 percent in the previous year’s third quarter and down from 40 percent in the second quarter of 2008.

Olli-Pekka Kallasvuo, Nokia’s CEO, commented, “As a result of our strong operational management and market position, Nokia was able to achieve solid margins and operating cash flow of 1.3 billion Euros for the third quarter ... We believe Nokia is well positioned for the current times.

In North America Nokia’s mobile device volume was 4.5 million, down 16.7 percent from the previous year’s 5.4 million.

Its mobile device average selling price for the third quarter was $97.83, down from the previous year’s third quarter of $111.41 and down from the second quarter’s $100.54, due to lower-priced products and the negative impact of a weaker dollar.

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