Nokia Swings to Loss, Sales Decline 13%

Updated from 6:32 a.m. EDT

ESPOO, Finland ( TheStreet) -- Nokia ( NOK), the world's biggest handset maker, reported a third-quarter loss of €0.02 a share, a swing from year-earlier profit of €0.14 a share.

Underlying profit in the quarter was €0.03 a share. Analysts polled by Thomson Reuters were expecting Nokia to post a loss of €0.01.

Nokia on Thursday reported a third-quarter operating loss of €71 million ($98.2 million), down from year-earlier operating profit of €403 million.

Nokia said sales declined 13% to €8.98 billion.

The company said sales of smartphones fell 39% in the quarter. The average sale price fell of the smart devices fell to €131 from €133 a year earlier.

"Our results in Q3 indicate that our sales execution and channel inventory situation have improved," said Stephen Elop, Nokia CEO. "From a product standpoint, our overall mobile phones portfolio performed well."

Nokia said it expects non-IFRS devices and services operating margin in the fourth quarter of between 1% and 5%.

-- Written by Joseph Woelfel

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