Nokia Q3 profit drops 30%

Kate O'Brien

October 16, 2008 9:35am

Nokia Corp. reported a massive 30% hit in its Q3 profits. Overall through July through September profits fell to 1.09 billion euros (US$2.7 billion), from 1.56 billion euros a year earlier, Net sales dropped to 12.2 billion euros ($16.6 billion), market share fell to 38%.

However, it sold almost 118 million handsets, up from 112 million last year. Nokia CFO Rick Simonson said “We don’t manage for volume or market share for the sake of market share. We manage for market share that’s sustainably profitable. We’ll continue to make sure that we focus for maximizing the total profits, the total cash flow.”

More info at Nokia.com