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Nokia Swings to Profit in Third Quarter

Updated from 6:17 a.m. EDT

ESPOO, Finland ( TheStreet) -- Nokia (NOK - Get Report), the handset maker, said third-quarter operating profit swung to €403 million ($564.6 million) from a year-earlier loss of €426 million as net sales rose 5%.

Nokia said total mobile device volume in the third quarter was 110.4 million units, up 2% from last year but down 1% sequentially.

Net sales were €10.3 billion vs. €9.81 billion last year.

Nokia said net sales of devices and services in the third quarter were €7.2 billion, up 4% from last year and 6% sequentially. The company said it expects devices and services net sales to be between €8.2 billion and €8.7 billion in the fourth quarter.

Nokia said it expects its mobile device volume market share to be slightly down in 2010 from last year. Nokia previously expected its mobile device volume market share to be flat in 2010.

"Our company faces a remarkably disruptive time in the industry, with recent results demonstrating that we must reassess our role in and our approach to this industry," said Nokia CEO Stephen Elop, in a statement Thursday.

-- Written by Joseph Woelfel



>To contact the writer of this article, click here: Joseph Woelfel

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