Thursday, October 18, 2012

Nokia Corporation (NYSE:NOK) Pops Up 8% Despite Wider Losses, Case Balance Shrinks

Shares of Nokia Corporation (ADR)(NYSE:NOK) surged 8.20% in the pre-open session despite the company’s third quarter losses widened, which was widely expected on ongoing solid competition from Apple and Google.

The struggling finished phone booked a loss of €0.07 a share on non-IFRS and reported loss of €0.26 per share, compared to a year ago non-IFRS EPS loss of €0.03 while reported loss was €0.02 per share.

Revenues slid sequentially to €7.2 billion ($9.45 billion) from EUR 7.50 in the previous quarter and €8.9 billion a year ago quarter.

Will NOK Hit $5 This Year? Find Out Here

The company’s recently launched Limia Lumia line of Windows Phone 7-based smartphones salesdecreased decreased quarter-on-quarter to 2.9 million units.

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.

The company also reported decreased cash, which stood at €3.6 billion ($4.7 billion) by the end of the quarter, compared to €4.2 billion in the previous quarter.

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

Shares of NOK jumped 8% in the pre-open session to $3.18.

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