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October 16, 2009

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Nokia has quarter to forget

THE world's leading mobile phone maker, Nokia Corp, yesterday reported a loss of 559 million euros (US$835.31 million) in the third quarter.

The result was a fallout from a 20-percent drop in sales and a one-time charge for the fallen value of its network equipment unit.

The Finnish company's share price plummeted 6.6 percent to 9.62 euros in Helsinki yesterday. Nokia made a profit of 1.09 billion euros in the same quarter of 2008.

Net sales in the July-September period dropped to 9.81 billion euros, down from 12.2 billion euros in the same period last year, partly due to a shortage of components, Nokia said.

The mobile phone industry has been hit hard by the financial crisis but Nokia said it felt confident about the future.



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