Nokia’s results continue to suffer in third quarter

Nokia has posted a 13 per cent fall in its revenues for the third quarter of 2011, to €8.98 billion (US$12.4 billion). Sales of mobile devices were down by 25 per cent year-on- year.

The handset manufacturer posted a net loss of € 151 million) for the three months to September, from a €322 million profit in the same period last year.

Nokia also reported an operating loss for the quarter, of €71 million, compared to an operating profit of €403 million last year.

Nokia’s CEO, Stephen Elop commented: "I am encouraged by the progress we made during Q3, while noting that there are still many important steps ahead in our journey of transformation."

"In summary, in Q3 we started to see signs of early improvement in many areas, but we must continue to focus on consistent progress so that we can move Nokia through the transformation and deliver superior results to our shareholders."

The company reiterated its plans to launch its first Windows Phone based device in select countries later this quarter, and then to systematically increase the number of countries and launch partners during the course of 2012.

On a year-on-year basis, the decline in total Devices & Services volumes in the third quarter 2011 was driven by lower smartphones volumes that more than offset the increase in mobile phone volumes.