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Nokia Q3 earnings: Sales better than expected, 60% drop in profit

It was obvious that Nokia's news was not going to be pretty, and the results are in. The company actually did really ​well considering the situation they're stuck in right now, selling more devices than expected.  However, the company saw a 60% loss in operating profit. Maybe that's something to do with CEO Stephen Elop announcing that Symbian was a burning platform? Probably.

According to the lengthy release on the Nokia website, year-on-year device sales declined due to smart device volumes being much lower than expected, however, an overall increase in devices & services was seen in Q3, thanks to higher mobile phone volumes (and sales).

Profits were down across the board, with operating profit losing a whopping 60% compared to Q2 2011, and net sales of devices recording a 13% loss of profit. Across the board, devices weren't looking too pretty either, with sales dropping 39% for smart devices, 14% for mobile phones and the company seeing an 84% loss in operating profit in the mobile devices group.

If this were any other company, we'd probably be declaring a sinking ship right now, but Nokia's not dead yet. The Finnish phone maker still has 5.1 billion Euros in it's pockes, meaning it should be able to survive for a while yet. 

Stephen Elop, CEO, said that "[He is] encouraged by our progress around the first Nokia experience with Windows Phone" and went on to say that "to position Nokia for the future, we are driving fundamental changes in how we operate."

We're on the edge of our seats. Nokia World can't come soon enough, so Nokia can get back in the game again, otherwise, it may become (or may already be) too late for the company.

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