Nokia reports $754mln operating loss in Q3

PanARMENIAN.Net - Finnish phone maker Nokia published Thursday, Oct 18 its financial results for the third quarter of 2012, reporting a $754 million (576 million euros) operating loss on $9.49 billion in net sales (7.239 billion euros), according to The Next Web. Nokia says it sold 2.9 million Lumia devices, down from 4 million in the previous quarter.

Overall, the Finnish company sold a meager 6.3 million smartphones, down 63 percent compared to last year. Feature phone Q3 volumes were up 4 percent quarter-on-quarter but down 15 percent year-on-year to reach 76.6 million units, Nokia said.

The company ended Q3 with gross cash of $11.52 billion (8.8 billion euros) and net cash of $4.72 billion (3.6 billion euros), which is down from of $11.6 billion (9.4 billion euros) and net cash of $5.2 billion (4.2 billion euros) in the second quarter respectively.