“Espoo, Finland-based Nokia swung to a €529 million ($737.9 million) net profit in the three months to Sept. 30 from a €559 million loss a year earlier, when the result was hit by heavy impairment charges,” Gustav Sandstrom reports for The Wall Street Journal.
“Third-quarter sales rose 4.7% to €10.27 billion, but without the benefit of new smartphone and software launches that the company hopes will reshape its fortunes,” Sandstrom reports. “Nokia said it plans to cut up 1,800 jobs and simplify its production organization for Symbian smartphones.”
Sandstrom reports, “The company raised its full-year operating margin guidance at its dominant devices and services segment to 10% to 12% from 10% to 11% previously, but said it now expects its volume market share to fall slightly in 2010 from 2009, against a previous forecast for flat volume-market-share development.”
Full article here.
MacDailyNews Take: Nokia employee motto: MeeGo. With the way high-priced executives are flying out of there, you’d think they’d be able to leave the hoi polloi alone for awhile as they ride the profits from flooding the developing world with commodity-grade, low margin cellphones.