Thursday, October 18, 2012

Nokia Corporation (NYSE:NOK) Jumps 5% As It Reports Q3 Earnings

Shares of Nokia Corporation (ADR)(NYSE:NOK) extended its weeklong rally in Thursday’s pre-market session as the company’s long awaited third quarter results are out.

The struggling finished phone maker said that it lost 7 euros in the latest quarter and sales slid to EUR7.20 billion from EUR 7.50 in the previous quarter. On a per share basis, reported loss was 0.26 euros compared to a loss of 0.02 euros in the same quarter last year.

Will NOK Hit $5 This Year? Find Out Here

“Lumia Q3 volumes decreased quarter-on-quarter to 2.9 million units, as we shared the exciting innovation ahead with our new line of Lumia products.”

Mobile Phones Q3 volumes increased quarter-on-quarter to 77 million units; strong sales start for new Asha full touch smartphones, with volumes of 6.5 million units. Analysts were projecting Nokia to sell 8 million smartphones in the quarter.

Nokia expects its non-IFRS Devices & Services operating margin in the fourth quarter 2012 to be approximately negative 6%, plus or minus four percentage points.

NSN swings to an operating profit of €182M from a loss of €227M in Q2. Nokia says that "competitive industry dynamics" continue to hurt its mobile phones ops, and it won't benefit as much as usual from the holiday season, but it is experiencing "consumer demand, particularly related to...Lumia."
Shares of NOK jumped 5% in the pre-open session to $3.09.

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