Nokia Q3 financial results are out, not much has changed

Nokia have just announced their Q3 financial report. The sales of the Finnish giant have risen by 5% compared to the previous quarter but they are still 19.6% lower than the third quarter of 2008. The operating profit of the company has dropped dramatically (by 50.2%) over last year's and 1.9% over last quarter's.

Still Nokia have managed to move some 108.5 million mobile handsets for the past three months, down 8% year on year and up 5% sequentially. According to the company estimates that gives them 38% of the market share, which is equal to what they had in Q3 2008 and Q2 2009.

The average selling price of the Nokia handsets for the quarter has remained at the same level as in Q2 - 62 euro.

According to the company CEO Olli-Pekka Kallasvuo the demand for mobile devices has improved in many markets during Q3. However component shortages across the portfolio had a negative effect on the number of devices sold.

Nokia enters the last quarter of the year, expecting to ship more handsets than in Q3, but to keep about the same market share. The company has corrected its last year estimation of the market shrinking. The company is now expecting the market to go down by 7% rather than the previously foreseen 10%.

So in conclusion, Q3 has not been a stellar quarter for Nokia and although there are signs of the economies worldwide recuperating from the financial downturn, Nokia are still not doing terribly well. We expect to see some serious firepower from them by Christmas (Nokia N97 mini, Nokia X6 and Nokia 5230), so things perhaps will take a turn for the better after all.

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