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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